[svennek]

Are you sure that you are paying 5 times more for the same coverage?

Insurance is all about the details and what is covered.

For a basic example, we have two different vehicle insurance "levels" in Denmark, lets call them basic and full.

Basic is required by law and only reimburses other parties for the damages you do, the full will also cover damages to your vehicle. But even the full there are multiple "knobs" to make the insurance cheaper for example the policy for car glass and also the self-paid portion (which can range from nothing to a few thousand dollars) and whether or not your insurance prices rise after you had an accident...

In general it is my humble opinion that the price follows the "predicted payouts" quite closely, so a cheaper insurance is usually also a worse insurance...

But YMMV.