In 2023, approximately 5.5 million car owners in Germany faced higher insurance premiums, with policy prices increasing by up to 29%. The increases were influenced by factors such as new regional and type classes re-evaluated by the German Insurance Association (GDV) and inflation, impacting costs for spare parts and energy prices.
Providers with Price Increases and Stable Contributions
On average, car insurance premiums rose by more than 14% in 2023. Some insurance profiles saw significant increases; for instance, a driver of a six-year-old Mini Cooper paid 20% more than the previous year, and a near-retirement driver of an electric car faced a 65% increase [1].
Don't Miss the Deadline
In Germany, the cancellation deadline for car insurance is typically one month. The key date for cancellation is often November 30, as many contracts run from January 1 to December 31. This means that the written cancellation must reach the insurer by November 30. If the policyholder does not cancel in time, the car insurance contract automatically extends for another year.
Checking Current Tariffs
To check if the current tariff is within the industry average, consumers can use comparison portals. However, these portals do not offer all tariffs from all insurers. Finanztip recommends starting with portals like Verivox or Check24, followed by a countercheck at HUK24 [2].
How does your annual premium change from 2023 to 2024?
Increase by more than 5%
Change between -5% and 5%
Decrease by more than 5%
Key Factors Affecting Your Car Insurance Premium
You can positively influence your car insurance premium by paying attention to several factors, including:
Occupational Group: | Your job can impact your premium. Public sector employees often enjoy lower rates. |
No-Claims Bonus: | The longer you drive without claims, the cheaper your insurance becomes. |
Age: | Younger drivers typically face higher premiums. |
Number of Users: | Fewer drivers usually mean lower premiums. |
Annual Mileage: | Driving less reduces your insurance costs as it lowers the likelihood of accidents. |
Comments