The regular review of insurance contracts is not only a question of cost optimization, but also of ensuring complete insurance coverage.
“There are numerous good reasons why this regular review is essential,” explains Mag. Alexander Meixner, CEO of the ÖVM.
Adapting to life changes
Every stage of life brings changes – be it marriage, divorce, the birth of a child or retirement. These changes often have a direct impact on insurance needs. In addition, the sum insured should also be adjusted to avoid underinsurance for more valuable goods such as cars, jewelry or other valuables.
Optimization of insurance costs
The turn of the year often offers the opportunity to realize savings. Seasonal offers and cheaper tariffs from other providers, for example, can enable savings of up to 30% on motor vehicle liability insurance.
“It’s worth checking contracts and terminating them if necessary to avoid unnecessary expenses”said Meixner.
Ensuring full insurance coverage
New risks, such as cyber attacks or natural disasters, also require the conclusion of new insurance contracts. It is also important to check whether the existing insurance coverage still meets current needs, especially when it comes to household contents and building insurance.
Use deadlines for termination and change
Insurance contracts, especially motor vehicle liability insurance, can be terminated annually by law. It is advisable to actively use these deadlines and regularly use a policy service – ideally from a broker.
„Responsible handling of personal finances involves constant adaptation to individual needs. Take advantage of the opportunity to be financially secure“, says Meixner in conclusion.
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