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Premiums against claims risk, what years of premiums cover
Multiply your annual premium by the number of claim-free years and that is what you have paid in to date.
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The point of the calculation is not to justify the policy but to show the scale of the thing. Five years at four hundred euros come to two thousand euros, while a total loss of sixty thousand is one hundred and fifty years of premiums.
That is precisely why insurance is not a savings plan and why the question of the return is the wrong one. The right question is what sum you could carry yourself if everything were gone tomorrow.
Once you know the answer, you will look differently at the deductible and the tariff level. A low premium with market value settlement can cost more in a total loss than ten years of premium difference.
Frequently asked questions
Does insurance pay off on the numbers alone?
Not as a savings plan. It covers sums that you could not carry yourself.
What does a total loss cost in years of premium?
With an annual premium of four hundred euros, sixty thousand euros work out at one hundred and fifty years.
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