Status: 02/10/2023 08:51 a.m
According to a study by the money guide “Finanztip”, car insurance can sometimes become much more expensive within a day. The advice of the experts: Consumers should monitor tariffs over the long term.
The prices of many car insurance companies fluctuate regardless of the accident risk, sometimes even daily. This is the result of a study by the advice portal “Finanztip”. Within 24 hours, price drops and jumps of up to 160 euros per year can sometimes be observed for the same tariff and customers, the portal said. This shows “that, in addition to the adequate risk prices, there is also a selling price that can fluctuate greatly,” says the “Finanztip” insurance expert Kathrin Gotthold.
For the study, the financial experts repeatedly asked hundreds of tariffs on an insurance comparison portal between the end of October and mid-December. The result: “Consumers can sometimes find new conditions every day.” In extreme cases, the annual premium for liability and fully comprehensive insurance for a model customer went from 496 euros to 661 euros from one day to the next.
Observe tariffs over the long term
“For flights, electronics and petrol, we know that prices can change every day and we keep our eyes open,” explained Gotthold. “In the case of insurance, most people have assumed that the contribution essentially results from the risk of causing damage.”
But that is obviously not the case: the risk assessment cannot change to the extent that this justifies the observed price fluctuations, according to Gotthold. It is therefore also noticeable that the prices vary greatly, especially in the changeover season before the end of the year.
“Finanztip” advises customers who want to change their insurance to regularly compare tariffs over a longer period of time. In view of the inflation, which is also hitting the insurance industry hard due to rising repair costs, it can also be expected “that insurers will dig even deeper into their bag of tricks in the coming round of poaching,” says the expert.