Switzerland is known as an insurance champion – both in terms of major insurance companies which operate from Switzerland and in terms of the amount of insurance taken out by residents. As such, we felt it fitting to celebrate the Swiss national holiday by listing 6 key insurance tips.
1. Personal liability insurance
The majority of accidents resulting from fireworks occur on August 1. Before lighting up those fireworks, make sure you understand that you are responsible for any damage caused by your festive rockets, wailers and petards. Personal liability insurance can protect you from the financial fallout of accidental damages (assuming no gross negligence).
Even if you are not a firework lover, personal liability insurance is almost a must in Switzerland, and highly recommended in any case.
Personal liability insurance is often combined with household insurance and sold as a bundle. However, you can take out personal liability insurance on its own. This is beneficial if you do not need household insurance, or want to take out the two insurance from different insurance providers.
2. Protect your property against damages
Protecting your property against firework damage is recommended because it can be impossible to prove liability for fires and other damages caused by third-party fireworks. Even if liability can be placed, the process of claiming compensation can be lengthy – especially if the guilty party does not have personal liability insurance. It is also worth noting that a third party may only be liable to compensate you for the actual cash value of your property, and not the replacement value – the cost of replacing your property with new items.
Fire and explosion damages caused by unknown third parties are covered by your household insurance (in the case of personal property) or by comprehensive car insurance (in the case of cars or motorcycles). Both coverage and premiums vary significantly between insurance policies, so comparing before you buy is important.
3. Understand accident insurance coverage
Accident insurance is compulsory for all Swiss residents and accident coverage is included in compulsory health insurance. But many residents are not aware that when they work for one employer more than 8 hours per week, they are automatically insured against accidents both in the workplace and outside of the workplace by their employer.
The accident insurance provided by employers includes loss of income insurance which pays ongoing benefits in the event of temporary or permanent disability due to an accident. Another advantage over accident coverage from health insurance is that there is no deductible.
If you are employed by one Swiss employer more than 8 hours per week, you can have your health insurance provider put their accident insurance on hold to cut the cost of your health insurance premiums. In most cases, you simply need to inform your insurance provider that you are covered by your employer’s accident insurance.
4. Properly insure your travels
If you plan to travel abroad over the holiday, take a moment to review your travel insurance coverage. What travel insurance coverages are provided by your health insurance, car insurance and credit cards? Do you need extra travel insurance? If you fly or take major trips several times per year, getting an annual travel insurance policy can be cheaper than taking out separate travel insurance for each trip.
Important: Whether you get a one-off or an annual travel insurance, always check whether or not trip cancellations or interruptions resulting from coronavirus prevention measures are covered. Many insurers explicitly exclude trip cancelations resulting from coronavirus.
You can compare Swiss travel insurance policies here.
5. Review your supplemental health insurance
The summer holidays are the perfect time to review your supplemental health insurance policies. Many people pay way too much for their supplemental outpatient and hospital insurance. Comparing the costs and coverage of your supplemental health insurance can save you money and/or help you find more suitable coverage.
Important: Although compulsory health insurance can be terminated at the end of each year, supplemental health insurance policies typically have notice periods of 3 months ahead of the end of each year. This means you must terminate unwanted policies by September.
You can find more information in the guide to terminating supplemental health insurance policies.
6. Get rid of double insurance
If your summer holiday plans leave you with more free time, consider using an hour of this time to review and organize your insurance policies and cancel unneeded insurance.
- Do you still need all of your insurances? Are you paying for multiple insurances which cover the same hazards?
- Does your insurance still match your current situation? Are there any updates to share with your insurer? For example, if you have rented a garage for your car since taking out your comprehensive car insurance, you may benefit from lower premiums by informing your insurer.
- Has your life changed since taking out an insurance policy? If, for example, you have since moved in with a partner, you may no longer need separate household and personal liability insurance policies.
You can find useful tips in the guide to avoiding overlapping insurance.
The moneyland.ch team wishes you a great Swiss national holiday!
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