I've obviously shopped around and have gotten several offers from CHF 907 (Helvetia) for identical cover so I will be switching, but I do find it very odd that my premiums would go up by 45% without any claims being made.
I received my renewal premium and it went from CHF 1000 to CHF 1450 and here is the explanation they gave when I queried it.
Insurance companies ask if you park the car under a roof at home and wrokplace when you apply. What did you answer?
I only have an outdoor parking spot so thats what I stated.
I still have the quotes from 2 years ago and they were all roughly similar, but today Simpego premiums have skyrocked whilst the others (Postfinance, Helvetia, Zurich, Smile etc..) all remain similar even though they all face the same adverse weather threats.
I guess they're being transparent. Somehow they arrived to the conclusion that hailstorms will be more frequent in the future, therefore hail hazard for cars parked outside increases, thus premium increases. If the somehow makes sense or not, that's a different story.
First time I read about simpego. I assume it's a small insurer, and therefore not diversified geographically enough. Since hailstorms have a limited geographical extent, it would not be that crazy to assume they may have had to pay more claims (proportionally) compared to a larger company more diversified in space.
But, that's the insurers problem, not yours.
You know where it says: "The tariffs of our insurance products are calculated based on various factors", that includes modeling in first couple of years low fees to get you hooked ;-)
I was expecting a renewal quote from Post for my wife’s car and instead got a letter saying they have revised their risk profile and will terminate the policy at the end of the period and thanked us for our loyalty!
Explanation via Google translate:
They make it sound like she's driving a limited edition Koenigsegg but it's just a quick Bimmer.
I called AXA and they matched price and coverage with Post over the phone no problem!
NB. They asked to see a copy of the letter from Post to confirm the policy will not be renewed, rather than cancelled.
And Simpego have designated Zug as a canton of God's wrath, with flood, fire, famine and pestilence being our punishment for tax aversion
That's a nasty surprise!
Can I ask what age the car is and was this for an extended warranty?
You'd think they would offer you a third party only option if it was for normal car insurance.
2020 and this was for full Kasko insurance, not warranty related. Also, no offer of third party only, just a plain "goodbye" letter.
Global warming means there will be more violent, severe weather - including hail storms.
tb honest, I am glad insurances will begin to differentiate between those of us who have spent good money on providing good cover and protection for our cars. I mean, if you get caught out in hailstorm, it's one thing- but why should those who pay for a garage and car port at home, have to pay for those who don't. Neighbours and friends have had cars written off and replaced because they do not keep under cover- but of course we didn't as we always ensure cars are protected. La Mobilière seems to not take this into account at all, which seems unfair. Some have pocketed the money and not bothered to replace, and used money on holiday or new kitchen!
We also know quite a few people who rent a garage and have to walk or cycle to and fro, to ensure car is protected from elements. Can be quite expensive, and a pain too. My mum always had to walk 10 minutes to her rented garage, very early in the morning in all weathers, to go and get her car to drive to work.
Simpego is small, their premium volume (revenues) in 2020 was only 21mln (double 2019's). That may well open the door to any kind of statistical outliers, even more so if they were concentrated in a few geographical areas.
Postfinance (GParker) is a newcomer in the car insurance market as well, though they may be able to reach significant size very quickly by crossmarketing.
Btw, financescout24.ch claims to simplify the process by using your uploaded policy to generate an appliction to the cheapest company (their claim, not mine).
even hail?
yeah, right I would ask if they would return some of the premium if their theory about extreme weather does not happen
On a side note I liked postfinance. Had a claim with them, handled quickly and efficiently and no premium increase.
Why groan Biro?
We also spent good money when we came here, having a car port built for OH's car (keep mine in the garage).
I have Simpego for the motorcycle (used to be Dextra, changed last year) and my premium did not go up luckily. My bike has a spot in the garage though.
Interesting to see the reason they have given though, I wonder if other insurance companies will follow suit...
All insurance premiums are based on risk- if you take measures (often at a significant price) to lessen risk, it should be taken into account in the price.
We have just had the roof replaced, and got a significant amount of subsidy from ECAP for choosing more expensive hail proof tiles (just an example).