Insurance customers must answer various questions when applying; insurance providers use this information in order to calculate risks. These include questions on e.g. the amount of driven kilometres per year, the usage of the vehicle, etc.
If answers to these questions change during the period of contract validity, so will risks.
The insured customer is obliged to immediately inform his insurer of such changes in writing.
Higher risk: If risk increases, insurance companies speak of increased risk.
If your insurance provider does not contact you, the increased risk will also be covered by your current insurance. If they have any objections, they must notify you within 14 days.
Lower risk: If your risk decreases, the insurance provider must reduce your premiums.
Some insurance companies do this for the following year of insurance, others already lower premiums as soon as they receive notice.
Tip:
Contact your insurer right away if you have e.g. installed an alarm system or additional airbags in your car or if it is no longer parked outside, but in a garage.
Your insurer may be able to reduce your premiums according to how they evaluate your risks.
