When men talk about their first love, they often do not mean a young lady but their first automobile. The purchase of the first vehicle has a special significance for men. But also the following vehicles are of great importance. In the meantime, a lot has happened in the field of automobiles. Especially in terms of safety, vehicles are equipped with numerous safety options. Although they protect the passengers from danger, if an accident occurs, one would also like to be on the safe side financially. For this case there is the so-called motor vehicle insurance.
The insurance of the own car is a matter of course for the gentleman. It is not a nice extra, which one would like to have, but a necessary standard equipment. But the market is large and so are the offers from insurance service providers. Consumers quickly lose the overview here.
Vehicle insurance is a must for registration of the vehicle
No gentleman can avoid taking out motor vehicle insurance. As already mentioned, this is a compulsory insurance policy. Without motor third party liability a car cannot be registered. However, men have the choice between several insurance options:
- Third-party liability insurance: German vehicle owners are obliged to take out motor vehicle liability insurance. It is basically used to cover self-inflicted damage. The policy must cover personal injuries up to at least 7.5 million euros. For property damage, the sum insured is 1.12 million and for property damage, 50.000 Euro (source: § 4 PflVG).
- Partial cover insurance: third party liability only covers third party damage, not damage to the driver's own vehicle. For this reason, it can be useful to take out a partial or comprehensive insurance policy. Partial coverage pays for damage caused by, among other things, theft, explosion or fire, hail, storm and flood, glass breakage, collisions with furred game, and cable damage caused by a short circuit.
- Fully comprehensive insurance: Fully comprehensive insurance offers further options in addition to the protection provided by partial coverage. For example, it also covers self-inflicted damage or damage caused by vandalism. Fully comprehensive insurance is worthwhile for new cars but also old valuable vehicles.
Which of the three insurance models is worthwhile depends on the man's circumstances. In some regions of Germany, where insurance is particularly favorable, fully comprehensive insurance can cost less than partial comprehensive insurance. This is especially true if the vehicle owner has been driving for years without any damages. Discounts on premiums are common practice with comprehensive insurance.
How the gentleman finds the right policy
There is no way around motor vehicle liability insurance. However, a gentleman should check whether partial or fully comprehensive insurance makes sense in his case or whether the financial outlay is not worthwhile. The following criteria play a role:
- Vehicle value and age
- No-claims class
- Amount for third party liability + partial/comprehensive insurance
- financial reserves for damage repair
In the search for a suitable policy, men will quickly discover that the prices of the individual providers are very different. Here helps only a look at the contract conditions, which reveal which benefits are included. Test reports from various magazines and portals are also an indication of quality. AachenMunchener Versicherung AG has been awarded the top mark (very good) three times by a Focus Money study. The company also cooperates with Deutsche Vermogensberatung (DVAG), whose financial advisors throughout Germany advise interested men on the appropriate insurance solution.
Important: In principle, the gentleman can simplify the comparison of policies by using comparison portals. However, one should not limit oneself to one portal, as none of the sites search all providers. The more portals you use, the better you can get an overview of what's on offer.
Compare car insurance before buying a car
The wise gentleman compares car insurance policies before buying a vehicle. The reason is simple: between individual models (of the same brand) there can be large price differences. These arise from various criteria: Assume the largest engine of brand X and model Y is driven by many young men who cause numerous accidents. The insurance would be higher here accordingly. If, on the other hand, you choose a smaller engine, you could save a lot of money.
The following example is intended to illustrate the difference:
- for the calculations we used the car insurance comparison of Verivox
- Zip code of the vehicle owner: 50667
- Date of birth: 28.07.1987
- Occupational status: Employee
- Driver of the vehicle: policyholder
- Vehicle: Audi A4, sedan, gasoline, 4 doors
- First registration: 2000/2001
- Mileage per year: 10.000 km
- Pre-insurance / no-claims class: no
- Display: cheapest rate in each case
As you can see in the table, the partial cover for the Audi A4 with 1.6-liter engine only about two euros more than the liability. For the model with 170 hp, the partial cover is also only about 50 euros more expensive. Both insurances are therefore more worthwhile than the simple liability insurance.