As of: February 2, 2024, 7:30 a.m
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Loyalty is not always worth it: you may be able to save money on your electricity, internet or cell phone contract by changing providers regularly.
Nobody wants to spend more money than necessary on contracts.
But cell phones, internet and electricity eat a hole in many people's wallets.
Verivox
's 2020 money waste report
showed that Germans lose 48 billion euros a year because their contracts are too expensive.
Many consumers still underestimate the savings potential that can potentially arise from changing tariffs.
It therefore makes sense to check existing contracts and compare them with other providers.
Contracts: German consumers are lazy about change
The Germans are “creatures of habit” – there is no other way to explain the numbers.
According to a representative study by the money guide
Finanztip
from 2021, consumers waste an average of up to 460 euros a year because they remain loyal to their old provider.
People over 50 in particular leave a lot of money behind.
A third of respondents in this age group said they had never changed electricity providers.
Only a fifth of them change contracts regularly.
Other providers offer significantly cheaper conditions.
Electricity: Basic supplies are often the most expensive
When it comes to electricity, the savings potential is particularly great.
According to the Federal Network Agency, in 2020, 27 percent of German households were still on the expensive basic service tariff of their local provider.
Another 42 percent had special contracts with the local supplier.
According to
Finanztip,
you could save almost 150 euros a year in 2021 by switching to a cheaper tariff.
The consumer advice center explains on its website: “Technically speaking, changing provider does not change the electricity or gas for your household.
Therefore there are no differences in quality.
Nobody has to come to your apartment and the change is free.” The next possible cancellation date can be found in the current contract or on the last invoice.
Mobile phone: Falling prices often pass customers by
If you have the same cell phone contract for years, you may be scoring your own goal.
In fact, the prices for data volumes etc. have been falling continuously for years.
This cost reduction often does not reach consumers – unless they change their contract.
According to the comparison portal
Check24,
the monthly price for a mobile phone contract with five GB of data volume was 13.94 euros in 2018.
The price fell continuously over the years – down to 6.05 euros in 2023.
It might be worth critically questioning your own tariff.
The website
Finanztip
advises: “Mobile phone contracts should be checked at least every two years.
Often it is enough to threaten the provider with termination to get significantly better conditions.”
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Internet: Some big advantages for new customers
Even with landline and internet contracts, it is worth comparing tariffs every two years and changing providers if necessary.
According to a current analysis by
Check24,
many people still pay an average monthly price of 44.90 euros for 50 Mbit/s.
There are now offers where a 100 MBit/s tariff costs less than 22.45 euros.
It is best for consumers to look for alternative offers at least four months before the end of their current contract so that they can comply with the usual notice period of three months.
Otherwise you risk that the contract will be automatically extended.
From the 25th month onwards, the basic fee usually increases significantly.
Existing customers sometimes lose out in several respects.
From making phone calls to surfing the Internet – a thorough comparison of relevant offers and services can be helpful.
(Symbolic image) © Chalirmpoj Pimpisarn/Zoonar.com/Imago
Motor vehicle insurance: Significant tariff differences
Switching to cheaper car insurance can also result in significant savings.
Novice drivers in particular can reduce their costs drastically –
up to 47 percent, according to
Check24 .
Accordingly, the average insurance costs for this group are around 1,200 euros.
But there are also significantly cheaper offers for almost 600 euros less.
Stiftung Warentest came to similar results in its price comparisons published at the beginning of January 2024.
“A tariff that was cheap last year may not be so this year.
It’s worth comparing prices right now,” advises Beate Kathrin Bextermöller, car insurance project manager at Stiftung Warentest.