Young foreigners pay massively more for car insurance
Published: Tuesday, Jun 18th 2024, 12:20
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If you are young, male and a foreigner, you can expect to pay extremely high premiums for car and liability insurance. For example, an 18-year-old Kosovar in Switzerland pays four times more than a 30-year-old Swiss. This is the result of a study by "Bonus.ch".
To compare the tariffs, the online comparison portal conducted a survey of 18, 30 and 70-year-old policyholders at the end of May 2024. This showed that age and nationality have a very strong influence on the premium, as Bonus.ch announced on Tuesday.
The following comparison shows what a difference age alone can make: according to the study, an 18-year-old has an average premium surcharge of 141 percent compared to a 30-year-old Swiss driver. For basic liability insurance, the premium can even be a good three and a half times higher (annual premium of CHF 1643 instead of CHF 453).
The difference between senior citizens and adults is hardly significant. According to the comparison portal, 30-year-old and 30-year-old Swiss drivers pay almost the same amount on average - slightly less or slightly more depending on the provider.
Young foreigners pay up to seven and a half times as much
On the other hand, nationality obviously has a strong influence on the premium. For example, an 18-year-old policyholder of Kosovan origin (residence status C) pays on average two thirds more for car insurance than a Swiss person of the same age. In practice, this could mean a price difference of up to CHF 5272 (CHF 8385 instead of CHF 3133) with the same provider for fully comprehensive insurance.
If you combine the two factors of age and nationality, the difference is even greater: the price difference for fully comprehensive insurance can then be up to CHF 7061 (CHF 8385 instead of CHF 1324). And according to "Bonus.ch", things get even more extreme with simple liability insurance. Here, the premium for young foreigners can be a good seven and a half times higher (annual premium 3268 instead of 423 francs).
However, age and nationality are not the only parameters that influence the premium amount. The driver's experience, gender, place of residence, the number of kilometers driven, the value and model of the vehicle or even the color of the car are other factors that influence the price of car insurance, according to the report.
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