The roads are paved with money. Lots of money. More than a billion francs. Right outside your front door. Because nine out of ten Swiss drivers are paying over the odds for their car insurance – an average of 254 francs per year too much. We take a look at the reasons why.
Today, 90 per cent of motorists are still paying too much for their insurance. By comparing almost 350,000 vehicle insurance comparisons between January 2016 and June 2017, analysts at the Internet comparison service comparis.ch calculated potential savings on insurance policies of some 254 francs per policyholder. Applying this to every Swiss car insurance policyholder produces a total of some 1.1 billion francs that could be saved on vehicle insurance policies each year.
comparis.ch had already studied how much motorists could save on car insurance back in 2002. This analysis of around 700,000 premium calculations revealed that 19 out of 20 car owners were overpaying on their insurance. The latest study by the Comparis data specialists shows that almost 18 out of 20 policyholders are still paying more than they need to and not exploiting the opportunity to make savings. But why is this the case?
Insurance often a mere afterthought
Many motorists are so keen to get the number plates for their new car quickly and with as little fuss as possible that they let the car dealer take care of the insurance. Or they contact their longstanding broker, instead of trying to find the best deal themselves. According to Harry H. Meier, automotive expert at Comparis, this is why many motorists are not getting the best value from their insurance: “For many people, buying a car is a highly emotional business. Not many want to bother with the tedious matter of insurance. But they pay dearly for this careless attitude in the form of excessive premiums.”