A new vehicle, a changed life situation or the desire to save money: there are many reasons to change your car insurance. But when is a change possible or. Meaningful? Are there special cancellation periods? What about a special right of termination and how exactly does a motor vehicle termination actually work?? This article clarifies. Also good to know: what to look out for when looking for a new insurance provider?
car insurance: when is a change possible??
In principle, it is possible to change car insurance at four different points in time:
At the end of the contract
If the car insurance expires regularly – i.e. the contract ends – the car insurance can be changed. It is important which date was agreed as the end of the contract in the insurance conditions. The notice of cancellation must normally be received by the insurer 4 weeks before the expiry of the contract. If, for example, the vehicle insurance was taken out on 1 January, the contract ends on 31 December. If the policy was taken out on January 31, the policy ends on January 31.12. The notice of termination must therefore be given no later than 30 days before the end of the contract. November to be made.
After a claim
After a parking accident or an accident, a motor vehicle insurance company settles the claim for the insured party. As soon as the claim has been settled, there is a four-week special right of termination. car insurance can be canceled and thus changed. But beware: this rule applies to both parties, and the insurer may also make use of this special right of termination.
After a premium increase
If the insurance premiums increase without the insurance terms and conditions and the scope of benefits changing accordingly, the insured person also has a special right of termination according to § 40 of the Insurance Contract Act. This is the case, for example, if the insured vehicle is classified in a new, less favorable type class. Insureds should always carefully check invoices they receive. If the invoice amount – with the same benefits – is higher than usual, or if the insurer does not fully pass on the price reduction to the insured due to an improved no-claims class, it is possible to cancel the vehicle insurance.
After the purchase/sale of a vehicle
If you buy a car, you have the right to cancel your car insurance within 4 weeks – either immediately or at the end of the current insurance year. Important: in the case of motor vehicle liability insurance, the following applies according to. §3 of the compulsory insurance law as well as §117 of the insurance contract law the so called subsequent liability. This means that insurers are obliged to maintain liability even after termination of the insurance contract, usually for up to one month from the date of deregistration at the relevant registration office. When a vehicle is sold, the insurance is transferred to the buyer until the buyer changes the name of the vehicle or registers the vehicle with a new insurance company. If he does not do this and if there is no third-party motor vehicle insurance for the vehicle after the expiry of the extended liability period, the registration authority must immediately take the vehicle out of service.
Special case: policyholder dies
Unlike other insurance policies, car insurance does not end automatically in the event of the death of the policyholder. The reason: car insurance is not linked to a person, but to a vehicle. If the policyholder dies, the car insurance passes to his heirs. If the vehicle was transferred to an heir during his or her lifetime, the new policyholder has a special right of cancellation.
Changing car insurance: 4 steps to a new car insurance policy
Step 1: Check the termination date of the vehicle insurance policy
First of all, it is necessary to check at which point in time the vehicle insurance can be changed. Cancellation is usually possible at the end of the insurance year. The effective date for cancellation is then 30 days after the end of the insurance period. November.
Step 2: compare benefits and rates
The search for a new car insurance usually includes a comparison of all insurance providers with regard to their rates and benefits. Which benefits are particularly important? Where to save costs?
Step 3: take out a new car insurance policy
Once a suitable motor vehicle insurance policy has been found and the new contract has been concluded, the policyholder will receive a confirmation of insurance. This is important to ensure uninterrupted insurance coverage. After conclusion of the contract, the insurance company informs the registration office about the change of insurance. The following documents are required for this:
- Driver’s license and registration certificate part 1
- Contract number and last premium statement of the current vehicle insurance policy
- Mileage of the vehicle
- Bank details of the policyholder
Step 4: cancel the old car insurance policy
In the last step, the old vehicle insurance is cancelled in compliance with the cancellation period. An informal letter of cancellation is sufficient.
Changing car insurance: how to find the best insurer?
Third party, partially comprehensive or fully comprehensive insurance? Anyone who drives a vehicle on the road needs at least motor vehicle liability insurance – it is considered compulsory by law. However, this does not include damage to your own vehicle. Comprehensive insurance is required to cover these risks. Whether fully or partially comprehensive insurance makes sense depends on the age or the type of vehicle. Value of the vehicle from. For new cars, fully comprehensive insurance is advisable, as it covers all damage, including damage caused by your own fault. Partially comprehensive insurance is usually sufficient for older vehicles. It replaces the current value of the vehicle and covers damage caused by external factors (e.g., damage to the vehicle).B. hail, a wildlife accident or stone impact). In addition, the following benefits should be taken into account when changing car insurance:
- Amount of coverage
- Amount of the deductible
- Is there foreign damage protection??
- If driver protection exists ?
- Are damages caused by gross negligence insured??
- In the case of fully comprehensive insurance: when does the insurance of the new value end??
In the context of a change of vehicle insurance, it is also necessary to check whether a change of the previous type of insurance is worthwhile. This is the case, for example, if the group of drivers changes, a novice driver is to be included in the insurance, or if the value of the vehicle has fallen to such an extent that fully comprehensive insurance no longer appears economical.
TipWhen changing vehicle insurance, it is advisable to clarify the need for or adjust any existing traffic insurance in order to be optimally protected as a participant in road traffic.