More than 90% of all car owners can save on car insurance. Even those consumers who already applied for cheap car insurance last year; they can save an average of 106 euros (18%) this year.
Over 90% of car owners spend less than in 2005
This is the conclusion of a study by the independent comparison site Lender. Car owners who did not compare their premium last year may even be hundreds of euros cheaper. Together, the insured can certainly save several hundred million euros per year.
Request cheap car insurance
Lender listed the premiums of 258 applications for cheap car insurance from August last year in the survey. The results were then compared with the cheapest premiums this year. The research shows striking results:
- The difference between the premiums chosen last year and the cheapest car premiums this year is 18 percent.
- Almost all premiums in the study have fallen. Only 8% of the insured do not improve.
- The highest savings found amount to 57 percent or 256 euros.
Price war car insurance
The reason for the sharply lower premiums, according to Lender, is mainly the increased competition among car insurers. This has even led to a real price war in the last six months. An explanation can be found in the greatly improved profit results of non-life insurers. This has led them to adjust premiums downwards in order to increase market share.
Emergence of internet insurers
In addition, it is clear that the rise of the internet insurer has brought consumers benefits. For example, Ineas and VerzekerUZelf, which work exclusively via the internet and therefore incur lower costs, offer considerably sharper premiums.
Further individualization of car insurance premiums
Finally, the ever-increasing individualization of insurance premiums contributes to favorable rates for consumers. Insurers can make calculations for each target group more easily and the risks can be better assessed. The premiums are adjusted based on very specific risk profiles. For example, some insurers now work with street-based premiums instead of region and sometimes the color of the car can determine the level of the premium.
Comparing car insurance policies provides benefits
Consumers can find out within a few minutes how much they can save. To do this, compare your car insurance with Lender.