Fluctuating Insurance Costs

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

More than half of the car owners in Germany remain loyal to their car insurance. In doing so, they accept additional costs of over a thousand euros per year.

Many car owners are still paying significantly too high insurance premiums. The differences between the lowest and highest annual contributions are sometimes well over a thousand euros. This was the result of a study by the Berlin University of Economics and Law. Only a small number of car owners have already switched to cheaper insurance. "50 to 60 percent of customers do not compare and, despite the great savings potential, never change their car insurance," said Professor Thomas Koehne, who led the comparative study on behalf of an insurance company.

Savings potential is highest in Berlin

On average, the prices for motor insurance have increased by 6.9 percent compared to 2011. 1.45 million new private car insurance policies are taken out every year. Drivers can switch to a new provider until November 30th. The study is based on the insurance tariffs currently on offer for ten sample customers in twenty cities and towns.

The greatest savings potential is in Berlin. In the capital, car insurance is generally the most expensive due to the high traffic density and the risk of accidents as well as the high number of thefts. The differences between the most expensive and cheapest tariff are around 1700 euros in model cases.

Electric cars are also expensive in insurance

Electric cars are not only more expensive to buy but also to insure than the competition with a combustion engine. This is due on the one hand to the expensive technology and on the other hand to the lack of comparative data, so that insurance companies initially apply high tariffs.

Use our insurance calculator to make initial comparisons. (AG / dpa)