At the end of each insurance year, you have the option to cancel your motor vehicle contract. At the latest at this point, every car owner gets the chance to choose a cheaper insurance policy. What you should bear in mind when changing your insurance policy?
With the right car insurance, you can protect yourself and your vehicle from unpleasant damage.
A great many Germans often pay too much for their current vehicle insurance. the premiums increase every year, as shown by the figures of the german insurance association. With almost 27 billion euros in premium payments in 2017, motor insurance is by far the largest category in property and casualty insurance.
In this country, every car owner is obliged to take out motor vehicle liability insurance. The German Federal Motor Transport Authority (Kraftfahrt-Bundesamt). January 2018 a total of 63.7 million registered vehicles registered in germany. This means an increase of 1.1 million compared to the previous year. With so many potential customers, car insurance companies are constantly trying to attract car owners with their rates.
the insurance premiums paid by a car owner depend on the vehicle, the place of residence, possible claims history and other parameters. How to save costs? Many motorists can take advantage of attractive discounts by making a comparison and switching car insurance in a targeted manner. Before making the switch, drivers should find out in detail about the rates of competing providers. It’s worth doing some research, because you can save up to 85% on premiums or up to 850 euros a year if you switch.
When is the right time to change?
To get out of your old insurance policy in time, you need to know the deadline for cancelling it. As a rule, the end of the calendar year is decisive, with a usual cancellation period of one month. The written notice of cancellation must therefore at the latest by 30. November present at the insurer. If this deadline falls on a weekend day, most providers will then also accept the late receipt on the 1st working day of the month. Or 2. December. Sure is however rather the last friday before.
But you shouldn’t rely on that: some car insurance policies are not based on the current calendar year, but rather on the date of conclusion of the contract. Therefore, please study your insurance policy carefully before you embark on the 30.11. Leaving.
You can save money by switching to a different vehicle insurer in good time.
Special termination rights
Under certain conditions, it is also possible to change car insurance outside the regular cancellation period. Then so-called special termination rights will come into force: when the insurer increases its premium rates or after a claim subject to insurance on the vehicle, irrespective of whether or not the damage was settled without major problems. Also when selling your own vehicle or changing vehicles if this case occurs.
Under these special conditions, the cancellation period is also one month from the receipt of a premium increase or from the loss adjustment notice from the insurer.
Consider all important criteria when switching
Independent comparison portals allow car owners to find the most favorable conditions for certain personal characteristics (second cars, home owners) and occupational groups. However, some criteria apply in any case, even if you change to another insurance company. So the current no-claims class is included in the new contract.
(the percentages in the individual damage-free classes can differ by up to 5 points).)
Only a metal defect or a major repair? After a claim on the vehicle, many details determine the future no-claims class.
Every fall, around two million drivers change their insurance coverage. When switching, however, it is not only the premium rates that should be considered, but also the corresponding benefits. Often, the rates are only so low because they offer correspondingly lower services. Which type of insurance is the right one and what should you pay special attention to?? This applies above all to the question of whether compulsory liability insurance is sufficient or whether partial or fully comprehensive insurance offers better protection.
It always depends on which vehicle class and which vehicle type you base your selection on.