35 tariffs achieve the top rating FFF + (excellent).
(Photo: imago images / Shotshop)
Dusseldorf The corona pandemic continues to depress the premiums of many motor insurers. Because many people continue to work from home, the accident figures on Germany’s roads are positively noticeable in the accident record: According to the Federal Statistical Office, a total of 1.45 million road accidents occurred from January to August 2021 – one percent less than in the corresponding period of the previous year.
These included 161,200 accidents with personal injury (–9 percent). Against this background, insurers’ expenses for claims are also falling. In addition, some providers such as Huk-Coburg and Allianz reimburse contributions from 2020 to those customers who continued their policy this year.
In this way, lower expenses have been passed on to customers. In the annual premiums for 2022, the lower expenses for claims made by many insurers are noticeable. This is shown by the current ranking of motor insurance companies by the Franke und Bornberg rating agency.
For the Handelsblatt she analyzed and compared the offers from 81 motor vehicle insurance companies. In the assessment, the amount of the premium is 30 percent, the quality of the tariffs makes up 70 percent. The sample cases for a novice driver, a family man and a senior were analyzed.
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When looking for insurance for their vehicle, drivers should not succumb to the appeal of the cheap price. “If you want to change your car insurance, you shouldn’t lose sight of the quality when it comes to price,” recommends Michael Franke, founder and managing partner of Franke und Bornberg.
The quality of the car tariffs has risen
Depending on the tariff, the performance profiles of the individual policies differ considerably. At first glance, this can make insurance more expensive in the event of a claim. The insurance experts from Franke and Bornberg are therefore examining the motor vehicle tariffs based on 63 criteria that they have adjusted this year.
The Handelsblatt publishes the current comparison of the rating agency in time for the 2021 changeover season. “A year ago we sharpened our rating criteria significantly”, says Franke and is satisfied with the tariff quality that most insurers offer: “In less than twelve months the quality of the motor vehicle tariffs has increased noticeably.”
This underlines the fierce competition in car insurance. Insurers rely on the quality criteria defined by Franke and Bornberg in order to expand their competitive position. An example: the purchase price compensation. For Franke and Bornberg, a provider must grant 24 months of purchase price compensation so that the rating experts give it the top FFF + rating. That is the minimum standard required for a policy with top protection: “This feature is now being offered more and more frequently,” says Franke. Consumers in particular benefited from this development.
Compared to last year’s comparison, Franke observed other positive trends. The performance limits for damage caused by a short circuit or animal bite increased from year to year. Expansions for electric vehicles are increasingly being integrated into the products. Here, too, the scope of services is being continuously expanded, explains Franke.
In the current vehicle rating, the criterion “expansion of natural hazards” has been removed and has been broken down into the five individual criteria of avalanches, landslides, subsidence, volcanic eruptions and earthquakes. “In this way, a better differentiation is possible, since not every insurer covers all aspects,” explains Franke.
35 tariffs received the top rating
The trend in the market is that most companies offer more than one rate variant for car insurance. In addition to a basic offer, there are often other tariffs with more extensive services. Conversely, with some policies there is an obligation to use a contracted workshop of the insurer in the event of damage.
Franke und Bornberg uses a total of 159 tariffs from 81 companies for the rating. Additional lockable service extensions result in a total of 309 tariff variations. 35 tariffs achieve the top rating FFF + (excellent). A year earlier, only 13 of the 177 tariffs analyzed had succeeded in doing this.
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