Purchasing power: big savings to be made by putting your contracts in competition

What if you didn’t need the executive to boost your purchasing power? With the various liberalization laws that have come into force in recent years, putting your contracts in competition has never been easier. Since June 1, newly subscribed borrower insurance contracts can be carried out at any time, and from September 1, this possibility will be extended to all contracts held. Good news for mortgage holders. The liberalization has also extended to the complementary health contract, which since December 1, 2020, is achievable at any time.

Do not hesitate to turn to your bank. Institutions can be heavy-handed with charging fees. So bring into play the banking mobility law, also called the Macron law. The system, in place since 2015, makes it possible to automatically transfer recurring transactions from the old account – transfers and direct debits – to the new establishment. The goal is to break the lock of competition in the sector. According to our track record, it is possible to divide an employee’s bill by 7.

Borrower insurance is now cancellable at any time

The straitjacket has finally been broken. Since June 1, new borrower insurance contracts can be terminated at any time, and the entire contract stock will be from September 1. A real step forward because until then, individuals had a complicated arsenal to play the competition. They could choose to subscribe to a contract outside that of their bank at the time of signing the loan, but also change it during the year following the signing of the contract, or even on each anniversary date of the latter. With this new regulation, the objective of the parliamentarians is clear: that the market is no longer monopolized at 88% by the banks and that the alternative insurers finally do well. It must be said that the latter have serious assets to make to play.

Despite an increase in rates noted by brokers, rates remain very competitive. According to calculations made by Capital (before the implementation of the reform) with the specialized broker Magnolia, the insurance rates are between two and three times lower with an alternative insurer than with a bank. A couple in their thirties in good health would pay a total of more than 23,000 euros to cover their loan of 193,000 euros from their bank… compared to only 3,531 euros from the competition. The bill is thus divided by six, with guarantees at least as protective! More generally, Magnolia has calculated that 15,000 euros can be saved on average over the total duration of the loan, or 50 euros per month if the credit is made over 25 years.

The complementary market has been liberalized

La Mutualité Française, an organization that brings together mutuals operating in the country, announced at the start of the year that the premium for complementary health contracts would increase by an average of 3.4% in 2022. An amount, lower than inflation, justified by catching up with the care of the French. Reimbursements increased by 6% in 2021 compared to 2019.

Individual contracts have seen their prices increase by an average of 3.2% in 2022, making access to additional reimbursement a little more expensive for students, self-employed persons and retirees. Faced with these increases, a partial solution exists: so-called infra-annual termination. Since December 1, 2020, complementary health insurance can be terminated at any time of the year – and without penalty – from the first anniversary of the contract. Until then, the window of opportunity to be able to compete with his contract was very limited, and the request had to respect a very precise timetable.

By comparing its contracts, it is possible to generate very good savings, as evidenced by the simulations carried out by the insurance comparator Hyperassur at the time of the entry into force of the reform. By opting for a contract with similar guarantees, a student can generate 100 euros in annual earnings, a self-employed worker more than 300 euros, and a retiree nearly 600 euros.

Your old car does not need to be fully insured

The forecasts were established in September 2021, before the start of the inflationary shock suffered by France. But already, the consulting firm Facts & Figures was counting on an increase of 2 to 3% on average for car insurance contracts in 2023, under the effect of the increase in the price of spare parts. It’s a safe bet that this figure will ultimately be higher than expected.

Faced with this, a simple solution: put your contract in competition. Your car cover can be terminated at any time after one year of subscription. The approach can be profitable, especially for cars wrongly insured under the all-risks formula. According to the comparator Hyperassur, it is possible for a 33-year-old driver with a maximum bonus to save 56% on his Renault Clio registered in 2017 in Rennes. All you have to do is switch from all-risk cover to a third-party formula.

Drought episodes will inflate your home insurance bill

Heat waves are hitting France hard. These episodes of drought, beyond representing an ecological disaster, are also very bad news for your multi-risk home insurance contract. The French Insurance Federation estimates the cumulative cost of the drought at 21 billion euros between 2014 and 2039, far from the 8 billion observed between 1988 and 2013.

>> Our service – Save money by testing our home insurance comparator

To manage the risk, your insurer will be forced to include this cost in your premiums. The price increases observed in 2022 were mild – 1.5% maximum according to Facts & Figures – but will be much less from 2023, warns the consulting firm. It’s up to you to put your contracts in competition. According to the comparator Assurland, 80% of users have made savings, with an average of 216 euros. The savings to be made are all the greater for the most loyal customers. Because insurers are focusing their pricing efforts on new customers to grow their portfolio in a very competitive market.

Be unfaithful to your bank

Admittedly lower than inflation – 5.2% over one year in May according to the Banque de France – the increase in bank charges reached 1.5% in 2022 according to the comparator Panorabanques. A French person pays an average of 219.9 euros per year to take advantage of the services offered by his bank. By profiling the uses, however, we note that the increases are higher than the average. The biggest outbreaks are to be found among retirees (+4.28%), young people (+3.85%), middle managers (3.57%) and employees (2.87%).

>> Our service – Save up to 300 euros per year by testing our bank rate comparator

So what are you waiting for to change banks? According to our annual ranking, online banks are in almost all cases the cheapest establishments, in particular Boursorama and Fortuneo. Customers attached to the counter of their branch will be able to turn to the regional banks of Crédit Agricole, very well positioned in the ranking. Just like the branches of the Postal Bank. An employee, paying an average of 179 euros per year to his bank, could thus divide the bill by more than 7 by putting the establishment in competition.

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