It is possible to save money on personal liability insurance, but do not expect miracles. Personal liability insurance (AVP) is an affordable type of insurance, so a saving like this often amounts to a few euros a month at most. Thanks to so-called combination or package discounts, however, it is possible to get a nice discount on, for example, buildings insurance or home contents insurance. It is therefore recommended to look at where you can save on your other insurance policies as well. This page describes the situation in the Netherlands.
Saving money on personal liability insurance
Saving money on your personal liability insurance can bring many advantages, but it is important to think carefully about the possible consequences. There are various ways to save on personal liability insurance, with raising the excess and combining insurance policies being just a few examples. It is important to look carefully at all the tips and consider what best suits your personal situation. That way, you can take out the most suitable and most affordable personal liability insurance.
1. Raise the excess
With some insurers, it is possible to voluntarily raise the excess in exchange for a discount on the premium. With some insurers, the excess can be raised to well over €500. This gives a limited advantage of around €6 to €14 per year. With a number of insurers, it is also possible to raise only the excess for damage caused by your children. This can give a premium advantage of 20%. Most Dutch insurers offer their website and policy documents in Dutch only.
2. Save by combining different insurance policies
Personal liability insurance is not exactly the most expensive insurance, but it is one that almost everyone has. As part of an all-in-one insurance package, it can be worthwhile to take out personal liability insurance with the same insurer as, for example, your buildings insurance and home contents insurance, even if the AVP insurer is slightly more expensive. This is because insurers often give discounts when several insurance policies are taken out with them. Because buildings insurance and home contents insurance are a lot more expensive, this discount can even more than make up for a slightly more expensive personal liability insurance policy.
That is why we recommend always looking at it from this broader perspective. After all, with some insurers such a discount can amount to more than ten percent.
3. Wait a little for a discount
It is certainly not the case that switching to another insurer is always the better choice, especially not when the differences are small. This is because package discounts can be lost, but also because some insurers give loyalty discounts. With these, the personal liability insurance becomes cheaper the longer the policyholder remains a customer. Sometimes waiting another year can still be cheaper than changing AVP insurer.
4. Save by reporting changes
When the composition of your household changes, it is important to always report this to your AVP insurer. This concerns, for example, children who have left home, a divorce, or a parent living with you who passes away. In some cases, the new calculation can lead to a saving on the premium.
5. Save by paying for a full year
With some insurers, the policyholder can get a discount by paying the premium for a full year straight away, instead of choosing to pay the premium monthly. This discount is often fairly limited and usually no more than 1%. If you have this amount in an account, paying annually straight away is certainly worth considering. The interest rates at financial institutions are usually no more attractive anyway.
6. Compare personal liability insurance
In addition, there are quite a few price differences between AVP insurers, and it is possible to save money by comparing personal liability insurance. However, we recommend that you take into account not only the premium, but also the terms and conditions. In general, a cheaper policy also offers less protection. That is not always a bad thing. Certainly not if the cheaper policy suits the insured person's circumstances better.
7. Only choose higher cover if you need it
It is important to think carefully about what cover you need for your personal liability insurance. Higher cover can lead to higher premiums. Not everyone needs to choose the most extensive and most expensive personal liability insurance; quite the contrary. It is therefore wise to match the cover to your personal situation and so avoid unnecessarily high premiums.
8. Carry out an annual check
It can pay to carry out a check every year. This lets you see whether the insurance still suits your personal situation and whether the premium is still in line with the market. You can do this, for example, by comparing premiums from other insurers or by consulting an insurance adviser. By checking your insurance regularly, you can avoid unnecessary costs and make sure that your personal liability insurance still offers the best cover.
Being frugal is not always a good idea
Although it is important to save money on personal liability insurance, it is not always wise to choose the cheapest option. Some cheap policies do not offer the same cover as more expensive policies. This can mean that you are not properly insured at the moment damage is suffered. If the damage is substantial, this can lead to considerable costs. It is therefore important to look not only at the premium, but also at the cover and the terms and conditions of this popular insurance. In some cases, a slightly more expensive policy with better cover can be better than a cheaper policy with fairly limited cover. In other words, it is wise not to go by price alone.
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Frequently asked questions about saving money on personal liability insurance
Now that you know how to save money on your personal liability insurance, you may still have a few questions about this insurance. In this FAQ, we answer a number of frequently asked questions about personal liability insurance and saving money on AVP insurance. This gives you more information about this insurance and lets you make well-considered savings on your AVP insurance.
Can I save money by limiting the cover of my personal liability insurance?
The content of the policy is usually largely fixed, except for the maximum sum insured. With some insurers, the cover can be chosen more or less freely, often from a number of set amounts. Sometimes the sum insured can be adjusted by a margin of as much as 50%. This can often lead to a considerable saving as well. Our research shows that the saving can be as much as 25% if the sum insured is 50% lower. With many insurers, however, the sum insured is fixed in advance, so adjusting it and saving money is not possible.
Are there any other differences between personal liability insurance policies?
The most important differences relate to the extras, or the situations in which there is no liability but the AVP insurer will still pay for the damage. These include, for example, sports and games clauses or custody clauses (opzichtclausules). In addition, some insurers offer discounts through their network. With a number of AVP insurers, for example, it is possible to get a discount on stop-smoking programmes, which of course reduces the risk of causing fire damage.
Does my child need separate insurance?
If the children still live at home, this is usually not necessary. Even when children who are students live away from home for their studies, the personal liability insurance will usually pay for the damage and separate personal liability insurance is not necessary. Sometimes there are restrictions, though, and for example it must be a full-time course of study or the child must be studying in Europe. If the personal liability insurance does not offer cover, the student can take out their own personal liability insurance. It is often more worthwhile to switch to another AVP insurer that does offer cover.
I cannot pay my premium. What should I do?
Always contact the insurer. If a renewal premium is unpaid, the insurer may not immediately stop the insurance or the cover. That is only possible after the policyholder, once the due date has passed, has been sent a reminder to pay within 14 days, stating the consequences of not paying, and that period has expired without payment (Article 7:934 of the Dutch Civil Code (Burgerlijk Wetboek, BW)). A reminder is not needed if the policyholder has said that they will not pay. If the insurance is ended or suspended, the insured person is no longer covered. Discuss the situation with the insurer, explain clearly what the reason is and state clearly when the payment will follow.
My household situation has changed, but I do not want to report it because I will then have to pay more. Is that wise?
If important changes are not reported, the insurer may stop the insurance immediately. In exceptional cases, the insurer may even refuse to accept the claim, but usually the insurer will only pay out in part. Not reporting changes is not wise in any case.