This is supported by data collected by FinanceScout24, which has taken a closer look at insurance prices for two example cases.
It is well known that Swiss insurance companies set their premiums individually based on a number of criteria, such as the type of property to be insured and the applicant’s age, place of residence, nationality and more. However, this by no means results in a similar range of offers with consistent pricing – the cost of premiums can vary wildly.
This conclusion was drawn from data collected by FinanceScout24 as part of the representative study “Das kostet die Schweiz” from the new online marketplace, SMG Swiss Marketplace Group. An insurance package containing car and household insurance was put together for two cases (a young single man and a middle-aged married woman with two children)* and the annual costs of these policies then compared.
Using the example of a newly qualified driver who lives alone in a 2.5 room apartment in Zurich and now wants to insure his car and home, Matthias Suter, Head of Product Management at FinanceScout24, shows just how substantial the difference in costs can be: “If this young person invests 10 minutes of his time in comparing insurance online and then compares the cheapest offer with the most expensive, he will see a total price range of more than CHF 1,000. That’s a remarkable amount – which he can spend on things that are much more pleasant than insurance premiums.”
Significant cantonal differences in car insurance premiums still an issue
Although premiums for household insurance are similarly high across cantons, when it comes to car insurance, there are still considerable geographical disparities. In 2021, Ticino was once again the most expensive place. Here’s an example: to insure a new Skoda Octavia, a newly qualified male driver in Bellinzona (born in 2000) will pay an average of CHF 2,346, while in Altdorf (the capital of neighboring canton Uri) he will pay an average of CHF 1,932 – more than CHF 400 less.
An experienced female driver who has held her license since 2000 and wants to insure the same car will see the price difference reduce slightly, with an average cost of CHF 1,225.50 in Ticino and CHF 1,003.50 in Uri – a difference of CHF 222.
Of course, a cheaper insurance premium is not a reason for most people to immediately move to a different part of the country. “Insurance policyholders naturally cannot influence cantonal pricing bands,” says Suter, “but as the study shows, all consumers can benefit from a comparison of offers and they can easily save hundreds of francs a year on insurance, regardless of location.”
Average savings potential on car and household insurance per persona
* Data based on: Car insurance (person 1): male, Italian citizen, born in 2000; average premium in each cantonal capital for the following car models: Skoda Octavia Combi 2.0, Tesla Model 3 and Audi Q3. Car insurance (person 2): female, Swiss citizen, born in 1981 (driver’s license since 2000); average premium in each cantonal capital for the following car models: Skoda Octavia Combi 2.0, Tesla Model 3 and Audi Q3. Household insurance (person 1): male, Italian citizen, born in 2000; single and living in a 2.5 room apartment; average premium in each cantonal capital. Household insurance (person 2): female, Swiss citizen, born in 1981; married with two children and a dog, living in a 4.5 room house; average premium in each cantonal capital. From the results for both car and household insurance, the average savings potential was calculated for each person per canton. This result serves purely as a guide to illustrate price differences. Individual criteria must always be taken into account on a case-by-case basis.
