26. August 2020, 09:56
During the lockdown, motor insurers had to settle fewer accidental claims. This development is not reflected in the prices of motor vehicle insurance. This is shown by the vehicle insurance index of the comparison portal Verivox.
Higher prices in summer
“Despite falling claims figures during the Covid 19 crisis, the prices for motor vehicle insurance have remained constant compared to the previous year,” says Wolfgang Schütz, Managing Director of Verivox Versicherungsvergleich GmbH. “But the development is not surprising. First, the prices rise every year after the changing season in November and then fall again in October. In addition, motor vehicle insurance rates are calculated on a long-term basis so that short-term developments have less of an impact.
Verivox is developing the motor vehicle insurance index together with the statistics expert Professor Wolfgang Bischof from the Technical University of Rosenheim. The index is calculated in such a way that it represents the actual price development and eliminates deviations due to changed customer groups.
Average price drops due to changed customer groups
If only the average price were evaluated, changes in the customer groups would also have an impact on the price. Average prices were up 8 percent in March compared to January and have almost fallen back to January levels since June. “These figures say little about the real development of tariff prices,” explains Wolfgang Schütz. “They are a sign that the proportion of new car buyers has been lower since Corona. Customers who buy a used vehicle or change their insurance, on the other hand, are less likely to take out high-performance tariffs and lower the average price. “
Get back too much paid contribution
There are insurers who want their customers to share in the corona savings. “Customers also have a very direct way of getting back premiums that have been paid too much,” says Wolfgang Schütz. “The motor vehicle insurance premium is calculated based on the mileage. Anyone who has driven significantly less can inform their insurer at the end of the year. If this reduces the contribution, the savings will be paid back retrospectively. “