Expensive safety net - Deductibles, couple rates, basic cover: how you can save money on insurance
Many people like to have a safety net. In the case of German consumers, this means that they are usually pretty well insured. On average, everyone has more than five insurance policies and pays over 2,600 euros a year for them, according to statistics from the German insurance industry. But when it comes to insurance, more is not necessarily better. If you tweak a few things, you can often save a lot. And the right insurance cover can still be maintained.
This is possible with the following six tips:
Cancel unnecessary contracts
They often only cost a few euros per month, which is perhaps why consumers are so happy to sign them: whether it's cell phone, glasses or pet health insurance - a lot of it is superfluous, says Kathrin Gotthold, insurance expert at consumer advice provider Finanztip. "Consumers are often talked into it in the stores. You should check whether you really need the cover." Insurance is actually there to cover damage that threatens the existence of the company and that consumers cannot pay for out of their own pocket. A broken cell phone or television can hurt, but they don't usually threaten your financial existence. Consumers can therefore part with such contracts without hesitation.
Switch regularly
This is the ultimate savings tip. "Once a year, consumers should dig out their insurance folders and check their tariffs. You can often save a lot of money by switching," says Gotthold. The classic case is car insurance, where providers go on the hunt for customers during the switching season in the fall. New customers often receive significantly better conditions than loyal customers. If you don't want to switch, you can at least take advantage of offers from the competition to negotiate better conditions. Many companies are willing to do this.
The insurance expert also advises taking a regular look at other policies: "New contracts for liability insurance, for example, can definitely be cheaper. Above all, however, the conditions have improved considerably over the years." Newer tariffs often insure damage that was not covered by older policies. For example, in the case of personal liability insurance: current offers usually provide higher sums insured and also include damage caused by drones.
Agree an excess
If you have to contribute financially to every claim yourself, you are more reluctant to take out insurance - especially for small claims. This is the reasoning behind the deductible. After all, every insured event that customers report to their insurance company causes administrative work and therefore costs. This allows companies to save money and, in turn, reduce their premiums.
A deductible is common for many liability tariffs, private health insurance or motor vehicle policies. This allows customers to significantly reduce their premiums. For example, Finanztip has calculated that a contribution of 300 euros reduces the premium for partially comprehensive car insurance by almost a third on average. "Every customer should check what amount is actually worthwhile," advises Gotthold. The personal contribution should not be set too high. Particularly in private health insurance, where there are also tariffs with very high deductibles, the costs can otherwise overwhelm some insured persons.
Pay annually
Customers are happy to pay for more expensive insurance policies such as occupational disability insurance or car insurance on a monthly basis. It pays to transfer the premium in one go at the beginning of the year. "It's only a few percentage points discount. But every little helps. All contracts add up to a certain amount of savings," says the expert.
Don't agree on too much protection
Whether comfort, premium or plus: most insurance tariffs are also available in variants with particularly high protection. However, Gotthold advises checking carefully whether the additional benefits are really needed. For example, consumer advocates consider passenger accident insurance for cars to be superfluous. And with household contents insurance, some tariffs pay out more than others after theft from a ship's cabin, for example. If you don't go to sea regularly, you can certainly do without it. Sometimes the basic cover of a good tariff is enough to provide adequate protection. A look at the details is essential for an assessment.
A contract for couples and families
There are life situations that change the need for insurance. That's why policyholders should always review their cover when they get married, have a baby or similar event. Sometimes you can even save on a policy afterwards. There are tariffs for household contents, liability and legal expenses insurance that cover an entire family. A marriage certificate is not necessary for this.
Couples can then cancel one of their two policies. "As soon as you have a joint address, the younger of the two policies has a special right of termination. The other must then be switched to the family tariff," advises Gotthold. In total, this is usually cheaper than two individual policies.
This article first appeared on Capital
Read also:
- Why there is still no EU funding for green Saar steel
- 3 billion Saar Fund is unconstitutional
- Politicians at a loss after shock news
- Court of Auditors criticizes the state government's debt plan
- To reduce the cost of car insurance, it's beneficial to consider switching providers during the fall season, as new customers often receive better conditions than loyal ones.
- If you have a cell phone insurance, it's essential to assess whether it's necessary, as broken phones or televisions do not usually threaten your financial existence.
- By agreeing to a deductible for liability tariffs, private health insurance, or motor vehicle policies, customers can significantly reduce their premiums, as it discourages frivolous claims and saves the insurance company administrative costs.
Source: www.stern.de
