When things go wrong on the road, it's important to have good, reliable car insurance. This is because insurance takes effect in the event of damage and offers insured parties comprehensive protection. Find out what you should know about car insurance here.

Your advantages with car insurance

• Comprehensive insurance cover: liability, partial and fully comprehensive insurance
• Can be combined individually and flexibly as required
• Benefit from personal support - even after conclusion of the contract and in the event of a claim
• A personal contact person at your Volksbank Raiffeisenbank

Compulsory insurance for vehicle owners

Basically, there are three types of car insurance: motor vehicle liability, partial cover and fully comprehensive insurance. By law, every vehicle owner is obliged to take out motor vehicle liability insurance. It covers the costs you incur as a result of personal injury, property damage or financial loss to third parties. Comprehensive insurance, on the other hand, is voluntary. It takes effect in the event of damage to your vehicle. With a protection letter, you receive additional benefits for a car insurance. This often includes, for example, breakdown and accident assistance as well as repair services.

The premium amount for a motor vehicle insurance policy is calculated on the basis of various factors such as the vehicle type, the regional class - i.e. the place of residence of the insured person, the type class and the no-claims bonus class. In addition, the age of the policyholder, the annual kilometers driven and the usual parking location of the car - for example a garage - all play a role in calculating the insurance premium.

Changing car insurance - this is how it works

You don't want to pay a higher insurance sum? You are dissatisfied with the service of your car insurance? Autumn is the start of the changeover season for car insurance policyholders. As a rule, insurance contracts expire by the end of the year. The notice period is one month. Accordingly, November 30 is the deadline for policyholders to cancel their current car insurance policy. You can often save money by comparing insurance policies. Get a quote for your car insurance easily and without obligation at your Volksbank Raiffeisenbank. We will support you in changing your car insurance.

Exceptions to the right of termination

You can terminate your insurance contract in due time until the end of the contract term. In certain cases, you as the policyholder have a special right of termination, for example, when you register a new vehicle or change vehicles. Deregistering your old vehicle with the registration office terminates your insurance coverage. This allows you to choose a new car insurance policy without restrictions. Another exception to the right to cancel exists in the event of a claim. You have the option to change insurance within one month after the claim has been processed. Likewise, termination is legal in the event of changes to the contract by the insurer. For example, if a premium increase of your liability or comprehensive insurance without benefit extension or other changes to your contract are made.

Motor vehicle liability insurance

In the US, no car that drives faster than 6 km/h is registered without liability insurance. Such basic protection is not only required by law for your vehicle, but also makes sense for the driver. This is because the person responsible is liable for damage caused by negligence, for example. Such insurance protects you from the financial consequences in the event of personal injury, property damage and financial loss. Motor vehicle liability insurance also helps in the event of unjustified claims for damages by third parties.

Partial cover and fully comprehensive insurance

In addition to motor vehicle liability insurance, there is also partial and fully comprehensive insurance. Partial cover insurance protects you from the financial consequences of damage caused by natural forces, accidents with animals or broken glass. Fully comprehensive insurance includes all the benefits of partial comprehensive insurance. In addition, it covers damage caused by self-inflicted accidents. The insurance also covers repair costs in the event of damage caused by vandalism or theft. In addition, you can save money with partial and fully comprehensive insurance through the deductible, because the insurer grants a premium discount for this.

How high is the coverage amount in the car insurance?

The coverage amount determines the amount up to which a policyholder is covered by the liability policy in the event of damage. In the event of damage whose cost exceeds this sum, the insured is liable himself - regardless of fault. The coverage amount in the car insurance depends on the selected insurance package. In the case of personal injury, it amounts to a flat rate of 50 to 100 million euros. This is a maximum of 8 to 15 million euros per injured person.

What is the no-claims class?

The no-claims class - SF class for short - indicates the number of accident-free years driven for each motorist. It plays a decisive role for the premium amount of your car insurance. The longer you drive without an accident, the higher the no-claims bonus and lower the premium rate. After each claim-free calendar year, you move up one level in the no-claims class. An upgrade occurs, for example, if the vehicle has been insured for at least six months in a calendar year. A downgrade of your SF class and thus an increase in premium, on the other hand, takes place in the event of a claim settled by the insurer. When changing insurance, the corresponding no-claims class is taken into account.

The no-claims classes are the same for every car insurance policy. The insurance company determines what percentage of the insurance premium is assigned to which SF class and how high the no-claims bonus is. Because of this, it is worth comparing car insurance policies.

Car insurance tax deductible

You can claim part of the car insurance premiums in your tax return. The type of insurance is decisive for this. The tax office differentiates between third-party, partially comprehensive and fully comprehensive insurance. In the tax return, you can only claim the sum insured for liability insurance and deduct it as a special expense. To do this, simply enter the costs in lines 41 to 48 of the income tax return's jacket sheet. If the costs are business expenses or income-related expenses, your claim will not apply. The amount that can be deducted depends on how you use the car and whether you have already claimed corresponding costs elsewhere. If you have any questions, a member of staff at your local Volksbank Raiffeisenbank will be happy to help.