In Switzerland, insurance is compulsory.
This vital guide will assist newcomers to understand the Swiss insurance environment, including what insurance products they must have by law. In Switzerland, what types of insurance are required? What types of policies are required or recommended for adequate insurance coverage?
This article will provide you with an overview of the Swiss insurance market. We’ll start with the mandatory, legally mandated insurance coverage that every resident must carry. Then we go over the many types of optional insurance policies available in Switzerland and point out which ones are required, despite the fact that they are optional.
Everyone who lives in Switzerland is required to have certain types of insurance. Swiss people are legally required to get mandatory insurance. The following types of insurance are required in Switzerland:
- Health insurance at a basic level
- Insurance coverage in the event of an accident
- Vehicle insurance is for car owners who own a vehicle.
- Homeowners’ liability insurance for buildings
Employed people must pay into three additional types of mandated insurance, generally known as social security. These are the AHV/AVS, IV/AI, and ALV/AC contributions, which are known in German/French as AHV/AVS, IV/AI, and ALV/AC contributions, respectively. Social security contributions are withdrawn straight from employees’ salaries, thus payments are made automatically.
Even if insurance is not required, it is always a good idea to check into supplementary coverage choices. Third-party liability insurance, for example, is optional but is one of the standard forms of insurance that every adult citizen should have. Although mandatory insurance satisfies all legal obligations, it is advisable to have supplementary coverage in place for complete protection. Take the time to educate yourself about the topic and its complexities. It’s also a good idea to get the advice of a competent insurance advisor.
The following is a list of the most common types of additional insurance.
Liability insurance for third parties
Personal third-party liability insurance covers damage to third parties caused by you. You can get third-party liability insurance as an individual or as a couple/family policy from most insurance firms. When signing a lease agreement, you’ll almost always be asked to present an insurance certificate proving that you have third-party liability insurance. This is especially true in Switzerland’s French-speaking region.
Insurance for the contents of your home
Theft, loss, or damage to furniture or other furnishings, as well as the loss of personal possessions, are all covered by household contents plans. The premiums will be determined by the kind of coverage and the value of the household belongings. Household contents insurance is frequently purchased in conjunction with third-party liability or structure insurance.
Health insurance that isn’t mandatory
Supplementary health insurance might cover the costs of private or semi-private hospitalization, alternative treatment modalities, or treatment overseas. Sanitas should be contacted and a personal consultation requested.
Insurance for legal fees
Court expenditures insurance
Court expenditures insurance protects you from the financial consequences of a legal conflict. Legal expenses coverage is sometimes already included in health insurance or another insurance policy. It is normally recommended that you see a lawyer if you are involved in a legal dispute.
Life insurance
Life insurance policies come with a variety of features, including a savings or investment component. They can, however, be constructed to provide risk insurance or a retirement pension.
Do you require guidance on the various insurance alternatives accessible to you? Contact Monfort International right now.
