Spring at last – and start of the driving season. Anyone buying a (new) car today must buy new insurance. But which? Partial or comprehensive accidental damage insurance? We help you decide.
Despite the new season, you'll not only find new cars, but also demonstration models from last year and second-hand vehicles in mint condition. Which makes it the ideal time to change your car. But which insurance protection is the right one? You'll find the answers to the most important questions here.
It is generally known that only liability insurance is mandatory. Accidental damage insurance is voluntary.
You already know the difference:
Overview of the most important categories covered:
Most of us drive accident-free for many years. However, a lot of damage is caused through no fault of our own and, regardless of our caution and experience, cannot be prevented. And if the worst does come to the worst, the financial consequences aren't just disagreeable. Especially if the costs are not budgeted for.
Every year, AXA pays out more than CHF 7.5 million due to marten damage!
Even if you drive ever so carefully, accidents can happen. In the winter on black ice or in the spring when pollen turns the rain into soft soap. And don't forget that you are not alone on the road and don't know how other road users will behave. If you don't have accidental damage insurance, you can be hit with high costs from an accident. And with newer/more expensive cars, it hurts twice as much.
If you buy a brand new car or a demonstration car, you will take out comprehensive accidental damage insurance without hesitation. With a leased vehicle, this is included automatically. The situation is different for a second-hand car. Depending on its age, partial accidental damage insurance may suffice, and the premium is, of course, cheaper.
There is no rule of thumb. Sure, the higher the deductible, the lower the premium. What matters is that the deductible and the premium fit into your budget and that any damage you yourself have to bear due to the level of the deductible isn't a strain on your finances.
This question cannot be answered conclusively. In theory, it can make sense to convert after 4-7 years. But, in reality, the "right" time needs to be clarified individually. Why?
The older the car becomes, the more it loses value. If it is leased, conversion is not possible. What also matters is a comparison between the premium and the costs assumed / the payout under comprehensive insurance for a partial or total loss. For second-hand cars in mint condition or cars that are expensive when new, this is crucial.
For example, AXA's accidental damage insurance pays out compensation that is higher than the actual value of your car until its 7th year in operation. – The actual value corresponds to the car's "present value," while the higher compensation is the "present value supplement."
So if you are thinking about converting, we recommend that you consult with your advisor to reach the optimum solution.