As of: January 27, 2024, 9:27 a.m
By: Andrea Stettner
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Save money without risk: Insurance costs can often be reduced without having to forego the necessary protection - only small adjustments are necessary.
Be it household contents, motor vehicle or liability insurance – insurance can be quite expensive.
What many people don't know, however, is that in many places you can still save a few euros without having to forego important insurance.
We show you how you can optimize your insurance costs and still be effectively protected.
1. Cancel unnecessary policies
You can save a lot of money on insurance.
(Symbolic image) © Angel Santana Garcia/Imago
A first step to saving money on insurance is to identify unnecessary policies and cancel them promptly.
Insurance policies often accumulate over the years that are no longer relevant or overlap.
By thoroughly reviewing your policies, you can avoid unnecessary expenses.
According to
consumer advice centers
, some insurance policies are unnecessary anyway - especially those that cover minor damage, such as glasses or luggage insurance.
You can save on such policies from the outset.
2. Annual payment instead of monthly contributions
A particularly simple method to reduce costs is to change the payment frequency.
Many insurance companies offer discounts for annual payments, which can provide significant savings in the long run.
Especially when it comes to car insurance, it is usually cheaper to pay your premiums annually instead of monthly.
Vehicle tax is also due every year.
In order to better plan your car expenses, you can calculate the vehicle tax yourself in advance.
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3. Increase deductibles, reduce premiums
One way to reduce monthly premiums is to increase your deductible.
By being prepared to pay a higher amount yourself in the event of damage, insurance costs can be reduced significantly.
This is particularly relevant for motor vehicle comprehensive insurance or personal liability.
But the deductible also makes sense for a completely different reason, as Julia Alice Böhne from the consumer protection organization Bund der Insured explained to the German Press Agency: “It protects against the insurer terminating the insurance contract in a minor case, since the insurance does is only used in the event of truly existential damage.”
4. Adapt benefits to current life situation
Adapting insurance benefits to your current life situation is crucial.
Insured persons should regularly check whether the coverage amounts and benefits still meet their respective needs.
Lifestyle changes, career developments or family changes may require adjustments to insurance policies.
For example, you can save money if a family member moves out and the private liability insurance can be switched from the family tariff to an individual tariff.
Regularly checking and adjusting your insurance helps to save money and still be adequately protected.
You can also save a lot of money in other places, be it on your car or on subscriptions.
The editor wrote this article and then used an AI language model for optimization at her own discretion. All information has been carefully checked. Find out more about our AI principles here.