Automobile liability: The insurance ultimately cheaper thanks to the price war – car service

In the insurance industry is raging a fierce price war! Good for our customers: for the first time in years, the new car third party liability insurance contracts have become cheaper again. This is clear from market research conducted on the Check24 and Verivox comparison portals.

As brokers, both companies sell a significant portion of the new contracts through their websites and therefore have a good overview of the changing situation.

▶ ︎ Every year, on November 30, the usual notice period for auto insurance policies ends. Anyone who has received a price increase from their insurer can look for a cheaper provider one more month.

It is clear that agency portals and insurers are launching expensive advertising campaigns in the fall and attracting them at the lowest possible prices. According to an estimate from the Nielsen Market Research Institute, the expenses of eight insurers for television advertising amounted to nearly 20 million euros for the month of October alone.

According to Verivox, new car insurance deals with the cheapest providers in November were on average 3% cheaper than a year ago. Check24 even reports a drop of five percent.

The exchanges this year are "rather alive," said a spokesman for HUK Coburg. The alliance states: "We find that competition has become more intense."

This is not surprising: the two market leaders are important competitors. The HUK (11.6 million insured vehicles) is well ahead of the alliance (8.5 million vehicles). But it does not want to settle for second place: it proposes a new automobile policy that should be simpler and more understandable.

Allianz has been selling its motor vehicle contracts through Verivox since this year, where only the Allsecur online subsidiary was represented. distribution via portals is not cheap for insurers, who must pay brokerage fees. For this reason, the HUK stands apart from the portals. Besides the two best dogs, other competitors are also involved: it is Cosmos Direkt, which belongs to the Italian group Generali, and the French Axa as well as the ADAC.

Previously, auto insurance prices for years knew only one direction: on the rise. The last price drop in the industry (new and existing contracts) took place in 2010, as shown by data from the German Insurance Association (GDV).

The current development shows with what bandages the insurers compete for a share of the market. Because the lowest prices inexorably increase costs. Auto manufacturers are increasing the prices of spare parts every year and more and more sensors and expensive electronic components are being used in cars, increasing repair costs. At the beginning of the year, virtually no one in the industry was expecting a price cut.