This year, many car owners will have to reach deeper into their pockets when paying their car insurance premiums. Many Swiss insurance companies have already raised their premiums, while others plan to do so later this year. The changes affect car insurance from Axa, Bâloise, Generali, Helvetia, Mobiliar, Postfinance, Smile, and Vaudoise.
moneyland.ch inquired about the scope of price changes at different insurance providers, and explains what you should do if you are affected by premium increases.
How many customers are affected by the price hikes?
None of the insurance companies included in the inquiry were willing to name exact figures. However, they did say that not all customers will be subject to the same price increases.
Axa says that the changes affect a part of their customer base. The affected customers were already informed about the January 2025 premium increases on November 1, 2024.
Postfinance explained that premium adjustments vary between customer groups. Certain groups of customers with certain characteristics will either not be affected at all, or will only experience small changes.
How large are the premium increases, on average?
The insurance companies were also cautious with regards to stating how much their premiums will go up, resorting to general statements instead.
Generali says that its price increase will be applied on a case-by-case basis. In addition to the type of vehicle, its criteria also include the driver’s accident history, and the cost of repairs. The region in which the car is registered and the owner’s driving style and history also play a role.
Helvetia and its subsidiary Smile Direct have a similar approach. Their price hikes use different schedules depending on how long a policy has been in effect, the make of a car, and how insurance claims have developed over past years.
What are the reasons for the higher car insurance premiums?
Insurance providers cited various reasons for raising their car insurance premiums:
- Overall inflation
- Higher costs for repairs and spare parts
- Higher insurance claim ratios
- Major incidents and extreme weather
Bâloise says that the average size of car insurance claims has been trending upwards in recent years. The higher proportion of more expensive vehicles equipped with numerous assistance systems is a major driver behind the cost increases, according to Bâloise. These developments will inevitably lead to higher insurance premiums.
The Consumer Price Index verifies that the cost of spare parts for cars has gone up substantially in recent years, increasing by around 16 percent since March 2020. Over the past 10 years, the cost of spare parts has gone up by 18 percent. Inflation rates are lower for service and repairs, with costs increasing by eight percent over the past five years and 11 percent over the past 10 years.
What can I do if I am hit with car insurance premium increases?
Getting a premium increase on your car insurance bill does not necessarily mean having to simply accept that you will pay more. In many cases, you may be able to get even lower premiums than you have been paying by migrating to a cheaper insurance provider. Customer loyalty does not normally pay off when it comes to car insurance. On the contrary, longtime customers often pay more than new customers. Regularly comparing the current insurance offers is worth it.
The moneyland.ch car insurance comparison helps you find the best fit for insuring your car. You can find useful tips in the guide to cutting the cost of car insurance.
More on this topic:
Compare Swiss car insurance offers now
Points to consider when choosing a car insurance
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