Car study : how to find the cheapest car insurance

Those who pay premiums in installments often have to pay a lot extra. When looking for the best rate, motorists should compare several portals.

It pays to compare prices, say insurance experts

In the fall, it’s all about money for car drivers. On 1. October, many car insurers recalculate their rates – and those who compare offers can save money. But only very few people do this. One in three car owners has never changed his or her insurance policy. There is still time until the end of november. A study presented on Thursday by the consumer advice portal "finanztip" now shows what makes car insurance particularly expensive and how motorists can find the cheapest tariffs.

The biggest upset for the experts: extra costs for installment payments. Those who pay their insurance premiums monthly or quarterly pay significantly more. "the most expensive is the monthly transfer", says annika krempel from "finanztip". It increases costs by an average of nine percent compared to annual payments. Those who pay quarterly still have to pay seven percent more on average. For consumers, it is therefore worthwhile to check the payment rhythm.

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The increase in costs is unnecessary, especially nowadays, says Hermann-Josef Tenhagen, editor-in-chief of finanztip. After all, inflation is low, transfers are made electronically and hardly any costs are incurred. "that’s extra income that the insurers allow themselves there." sometimes even the dispo fees are cheaper than the additional costs incurred, says tenhagen.

Senior citizens pay more

In addition to the installment payment, the study also shows other cost drivers. Those who drive a non-restricted, undefined vehicle, for example, pay an average of 110 percent more than those who drive alone. In addition, policyholders should check their policies. If you drive fewer kilometers than agreed in the tariff, you should adjust the tariff. But also the agreement on a deductible in the event of damage or a workshop commitment can push down the price.

However, insured persons cannot change their age. So seniors must reach inevitably more deeply into the bag. The premium of a 75-year-old is on average 52 percent higher than that of a 55-year-old.

What makes car insurance expensive?

When making comparisons, drivers should never rely on just one source, because nowhere are all rates available. Instead, the experts recommend comparing several comparison portals and providers with each other. In its study, "finanztip" looked for the cheapest offer on the basis of 32 test profiles on various comparison portals. The result for the two market leaders is solid, but not enough on its own. The portal "check24" found the best price in 14 out of 32 cases, "verivox" only in eight. With both portals, the largest deviation from the cheapest offer was still 24 percent. Consumers should therefore always compare twice and combine several portals. This increases the hit rate. The best result in the test profiles was achieved by the combination of "check24" and "verivox".

A car insurance comparison on the Internet is worthwhile for most motorists

Vehicle insurance comparison (publisher’s offer)

Changing your car insurance can save you a lot of money. Anyone who wants to keep track of the abundance of offers should make a free rate comparison.

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First providers withdraw

The comparison portals have recently come in for repeated criticism from consumer protection agencies. In a study conducted in May, the German consumer association (VZBV) examined the quality of the five most frequently used comparison portals for financial services. The result: the portals are often not objective, the results are not comprehensible and not complete. In order for consumers to compare financial services such as car insurance, they need a comprehensive and objective overview of the market, says Dorothea Mohn, head of the financial market team at VZBV.

In addition, more and more major providers are dropping out of comparison portals. germany’s largest car insurer, huk-coburg, has announced that it will no longer be listed from october onwards. The main reason is the high costs: being listed on comparison portals is relatively expensive, the insurer said. However, the company also criticizes the business model of "check24", "verivox" and co. "comparison portals give the impression of completeness and thus create the impression of finding the cheapest offer in the entire insurance market," says huk board member jorg rheinlander.

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The fact that fewer providers are on the move on comparison portals could present consumers with greater challenges in the future. This does not make comparisons any easier, says insurance expert Tenhagen. In addition, the benefits would also differ more and more. However, insured persons should always try one thing: talk to the previous provider. Because anyone who announces their intention to switch can also hope for better conditions with their regular insurer.

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Christina Cherry
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