How is my liability insurance premium determined?

Liability insurance premiums are determined based on several factors. An insurer always does risk analysis. They look at how likely it is that they will have to pay compensation. The higher the risk, the higher the premium.

The total monthly amount for liability insurance includes the premium for the insurance, the renewal fee and the insurance tax. Often when you purchase a new insurance policy, you will also pay a one-time termination fee.

Premium determinants

There are a number of premium determinants for liability insurance:

• Family composition
• The amount of the deductible
• The amount of the sum insured

When determining the amount of the premium, the insurer takes these factors into account. Among other things, the premium is influenced by family composition. Are you single without children? Then you will pay less premium for your liability insurance than a family with children. This is because children pose a greater risk to the insurer.

In addition, the premium depends on the deductible. The higher the deductible, the more premium discount you get. With a higher deductible, however, you will pay a higher amount yourself in case of damage. You can also choose the amount of the insured amount. Here you can usually choose from a number of amounts. The higher the amount you insure, the more premium you pay.

A change in your personal situation will affect your liability insurance premium. For example, are you getting married, divorced or having a child? Then this can affect the amount of the insurance premium. Also if you change the deductible or the insured amount this will have an impact. Therefore, do not forget to always report changes to your insurer.

Calculate your liability insurance premium in 4 steps

Before you purchase liability insurance, you will naturally want to calculate the premium. That way you will already have a good idea of the monthly cost. Calculating the premium is very easy. To give you a hand, we have created a step-by-step plan. In just 4 simple steps you will get an indication of the insurance premium:

Step 1: Compare liability insurance in our online comparison tool

You calculate your liability insurance premium very easily in our online comparison tool. Nobody wants to pay too much for insurance. By comparing you will find the best insurance at the lowest price. Never take out the first best liability insurance, but look carefully at the premium, coverage and policy conditions.