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Every year towards the end of the year we see them again: auto insurance commercials that want to lure potential policyholders with low prices and special benefits. Because most car owners can cancel their existing car insurance by November 30th and thus save money. Some car owners can even have one Special right of termination take advantage of. But how does it all work and is it really worth the effort from a financial point of view?
SAVE COSTS – PROTECT WELL
The prices of the insurance providers actually differ greatly from each other. A price comparison at the end of the year can therefore be worthwhile. Sometimes you can even save hundreds of dollars by taking the time to compare insurance plans and providers. However, it is important to note that not all offers are available online. Some comparison portals only list a selection of insurance companies and tariffs. It is therefore advisable to check with various insurance companies both online and by telephone in order to find a cheap tariff for yourself.
Before you cancel or change your car insurance, you should check the contract conditions carefully. Some insurance companies can traditionally for the 31.12th of one year, while others can only be canceled on the day you register your vehicle with the insurance company. In this case, termination at the end of the year is only possible if the insurance year actually began on the 1st of the new year. However, if the insurance was on 1.10. completed, a notice period of up to 30 September must be observed.
The exact insurance periods can be found in the contract conditions in your own documents. In some cases, policyholders can Special right of termination Make use. This is possible if the insurer suddenly takes a substantial premium increase required. Special termination rights can also be considered after a move to another region, an accident or other damage event or a vehicle purchase. In these cases you can cancel with a notice period of one month. The period starts with the notification of an increase in the premium, the date of your move or the date of the accident.
IN THIS CASE, DO NOT CHANGE!
However, a change is not always advisable. Although drivers can change insurance after an accident or damage, it is advisable to check the terms of the contract. Some insurance companies offer about one Discount protection and waive a demotion under certain conditions. However, this discount protection only applies to the insurer with whom the protection was taken out. Switching to another insurance company could invalidate the discount, jeopardizing potential savings. Therefore, it should be weighed up whether a change of insurance actually makes sense.
DO NOT GIVE WRONG DETAILS!
Many policyholders try to save when they take out insurance - this seems particularly tempting when it comes to car insurance. Because there are often attractive discounts for single drivers or owners of garages. However, motorists should not take the offers of the insurers lightly. If the mileage allowance or the availability of covered parking spaces is checked during inspections and an error is discovered, it can get expensive. Contractual penalties are often due. Insurers also terminate the insurance relationship. In the long run, you don't save money, but rather run the risk of incurring additional costs due to fraud.
HOW TO SAVE ON INSURANCE
If you are generally satisfied with your insurer, simply ask occasionally by phone or e-mail whether there is a cheaper offer. As a rule, companies accommodate their policyholders, offering loyalty discounts or better tariffs. So you don't have to compare insurance and look for the best tariff, you can easily save money.
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