Bargain hunting in auto insurance has begun

Munich (dpa) – The annual bargain hunt for cheaper tariffs has begun in car insurance.

The prices for car insurance are based on figures from the online portals Check 24 and Verivox have already fallen in the past few weeks, the two companies based in Munich and Heidelberg expect further falling prices in the next few weeks.

Motor vehicle contracts significantly cheaper

According to the Verivox insurance index, the prices for new motor vehicle contracts – liability, partially comprehensive and fully comprehensive – are in some cases significantly cheaper than a year ago – in the middle price segment, depending on the type of insurance, by three to four percent, in the lower segment by seven to eight percent. In cooperation with the statistician Wolfgang Bischof from the Technical University of Rosenheim, the company evaluated the prices for the first ten days of October. The annual changeover date for a timely termination at the turn of the year is 30. November.

According to the figures from Check 24, the average motor vehicle liability premium is currently 279 euros. That would be 2.4 percent less than a year ago and 14 percent less than in July. A large number of insurance contracts are brokered online via the portals. The two companies are in competition and largely agree in their fundamental analysis.

Accordingly, one reason for the currently low prices is the corona pandemic. “There are many indications that we are now experiencing a delayed corona discharge that had not materialized last year,” said Wolfgang Schütz, managing director of Verivox insurance comparison.

Fewer accidents

Because 2020 was a year with low claims costs for the insurers due to corona restrictions and two lockdowns, as there were fewer accidents than usual. Overall, the 91 motor vehicle insurances in liability 13 paid out 3 billion euros to customers, which was a good ten percent less than 2019. You can read about this at the German Insurance Association (GDV).

«Last year, insurers had to regulate fewer accidents due to lower mileage in the corona pandemic and some of these savings were passed on to their customers continue, “said Rainer Klipp, managing director of motor vehicle insurance at Check 24.

” Whether the trend will continue for year-end business is uncertain, as it was recently For example, flood or hail has increased natural hazards and thus also the costs for insurers, “said the manager.

Cheaper new contracts do not mean that motor insurance will be cheaper overall. Because existing contracts are often more expensive, and some car models move up into more expensive type classes in the course of their vehicle life. Used cars are often bought by younger drivers who, on average, cause more accidents. And apart from that, insurers have been complaining for years that the auto industry is continuously increasing its spare parts prices. According to GDV, the premium income of motor insurers in motor vehicle liability insurance 2020 rose by 1.2 percent to just under 17 billion euros.

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