The ongoing price war between car insurers has led to considerably lower premiums. Research from Lender shows that almost all car owners (98%) can benefit from the premium decreases. The savings turn out differently for each group and can amount to many hundreds of euros per year.
Car insurance can be even cheaper
Insured persons who already applied for car insurance in April 2005 can save an average of 30% on car insurance this year through Lender. Expressed in money, that is € 171 per year. In 2006, that benefit was € 106 (18%). Car owners who have not compared their insurance can most likely benefit even more by making a comparison.
Price war car insurance thanks to competition
The main cause of the fall in prices is the increasing competition between car insurers. This has resulted in substantial premium discounts for two years. The rise of the internet insurer, the ever-increasing premium differentiation and the increasing number of insurers on the Dutch market play a major role in this. Erik Hordijk from Lender: “Insurers are looking at smaller and smaller details. It is conceivable, for example, that people with a certain car color will pay less because figures show that that car color causes less damage on average. According to Lender, the end of the price war is therefore not yet in sight.
Discount on car premium
Another reason for the falling premiums is that insurers are increasingly offering discounts through financial comparison sites. They can do that because comparison sites ensure large volumes at very low costs.
Finally, the outcomes were favorably influenced by the entry of new providers of cheap car insurance. This mainly concerns internet insurers. Incidentally, these cheap providers do not come to the fore with all financial comparators. For example, Ineas and Polis Direct can only be found in the comparison of Lender.
Save on car insurance
Lender has listed the profiles of 256 consumers who made a comparison in April 2005. Then it was looked at how much these consumers could save on their car insurance after two years of price reductions and discounts on Lender. Some conclusions:
- The difference between the premiums in April 2005 and the cheapest premiums in April 2007 is on average 30%.
- Almost all premiums appear to have fallen, only 2% do not benefit.
Benefit per group
The study mainly looked at which groups benefited most from the price war. The premium benefit turns out to vary considerably per group.
- Motorists who drive more than 30,000 kilometers per year save on average the most and significantly more (46% or € 721) than those who drive between 8,000 and 12,000 kilometers per year (24% or € 113).
- Young motorists (under 24 years of age) also benefit considerably on average (40% or € 291).
- Diesel drivers benefit on average more (35% or € 314) than non-diesel drivers. Whoever runs a petrol car saves on average 29% or € 144.
- Car owners with a Limited Casco car insurance benefit less as a percentage (€ 135 or 23%) than people with a Full Casco (€ 260) or third-party car insurance (€ 102; both 32%).
- People in urban areas (minus the four largest cities) profit the most as a percentage: 34% or € 192. On average, the four largest cities can get the least discount: 25% or € 155.
TOP 5 ‘“Who saves the most?
Groups with the largest percentage savings
- More than 30,000 km per year: 46% or € 721
- Young drivers (up to 24 years old): 40% or € 291
- Cheap cars (less than € 10,000): 38% or € 160
- Diesel drivers: 35% or € 314
- 1-3 claim-free years: 34% or € 252
TOP 5 ‘“Who saves the least?
Groups with smallest percentage savings
- Limited hull: 23% or € 102
- 8,000 to 12,000 km per year: 24% or € 113
- Four major cities: 25% or € 155
- 4-6 claim-free years: 25% or € 116
- Petrol drivers: 29% or € 144
* All mentioned savings are on average per insurance per year. Rounded to whole euros and percentages.