Insurance is supposed to protect people in all situations – but not every policy is really necessary. Here it is worthwhile to check your own documents.
According to the consumer advice center (VZ), Germans spend an average of about 2,000 euros a year on their insurance. This is how you want to protect yourself from all eventualities. However, the insurance policies taken out are not always the right ones or appropriate to the private situation. Families, for example, have different conditions and needs than single people. Checking your own policies should therefore be on the agenda regularly – this way you can not only save money (many insurances can also be declared in the tax), but are also protected in the best possible way if the worst comes to the worst. But which insurances are essential and which are unnecessary?
You can save the money: Which insurances are superfluous
According to the consumer advice center, the insurances that cover comparatively small damages are usually superfluous. For example, luggage insurance is only worthwhile in the rarest of cases, as a suitcase (including its contents) is relatively easy to replace. According to VZ, glass, death benefit or private unemployment insurance are also generally dispensable.
Luggage insurance is only worthwhile if something of value is really transported in the suitcase. For frequent travelers, a travel health insurance is also recommended as an annual insurance. If you only travel from time to time, you could, for example, only take them out for the holiday period. (Symbolic image) © YAY Images/Imago
Extra insurance, for example for bicycles, mobile phones, laptops or glasses, is only worthwhile if the purchase was very expensive or if particularly comprehensive protection is desired. Otherwise, you could also do without the policies here, writes the Norddeutscher Rundfunk (NDR). Tip: If you would like advice on insurance coverage, in most cases you can also contact the respective consumer advice centres directly. They offer special consultation appointments.
Also superfluous according to the consumer advice center: death benefit insurance. Especially in the case of older customers, the payout amounts are often below the contributions paid.
Insurance you shouldn't miss out on
There are two types of insurance that are an absolute must: health insurance and liability insurance. Health insurance is required by law – but here it is worthwhile to compare the various insurance companies and their offers and bonus programs. For frequent travelers, international health insurance may also be worthwhile.
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Liability insurance covers personal injury, property damage and financial loss in the private sector. This is especially useful if you accidentally cause damage, whether it's a scratch in the car, a wine stain on the sofa, or an accident on the road. Without liability, repairing the damage can quickly become very expensive.
Other useful insurances include:
- Household contents insurance: If the entire household contents have to be bought at once, for example after a fire or water damage, enormous sums of money can quickly accumulate at once.
- Homeowners insurance: a must for property owners. This covers damage caused by storms, hail, water and fire. Depending on the region and location of the property, additional natural hazard insurance may also be worthwhile.
- Occupational disability insurance: According to VZ, this is a sensible insurance, as it takes effect in the event of a serious illness. The sooner this is completed, the lower the contributions. Accident insurance is included in most cases.
- Term life insurance: recommended for families with small children.
- Private supplementary long-term care and old-age insurance: Only recommended if you keep a close eye on the duration of the coverage, the age of the insured person and the life situation.
- Supplementary dental insurance: Worthwhile in individual cases, as dental costs can quickly cost money. Not useful for all people.
- Dog owner's liability: Recommended by the consumer advice center for dog owners. Pet health insurance is only worthwhile in rare cases - but can then provide good support if the worst comes to the worst.