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Old 15.03.2019, 18:33
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Liability Insurance - the CHF 3 or 5 million policy?

I'm finally getting liability insurance ('bout time), and was wondering if there is a good reason to upgrade to the CHF 5 million policy? There is not a huge price difference between the 2 - maybe CHF 15 per year. But is the CHF 3 million policy generally well viewed as the one to get? Or not so much?

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Old 15.03.2019, 18:41
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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I'm finally getting liability insurance ('bout time), and was wondering if there is a good reason to upgrade to the CHF 5 million policy? There is not a huge price difference between the 2 - maybe CHF 15 per year. But is the CHF 3 million policy generally well viewed as the one to get? Or not so much?

Cheers!
3 Million is almost always more than good enough.

But some people are willing to pay a bit more since the price of you causing an accident where for example the father who is the only income earner in a family making 10K a month ending up with brain damage is huge, and if he had his kid along who ends up in a wheelchair than a few millions really means nothing.

So it is basically a small price to pay to prevent getting bankrupt if the worst case scenario happens.
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Old 15.03.2019, 18:45
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Re: Liability Insurance - the CHF 3 or 5 million policy?

Personally, I would go for CHF5 million.

There would be a hefty difference of CHF2 million, if you ever get to the stage to be refunded
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Old 15.03.2019, 19:56
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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3 Million is almost always more than good enough.

But some people are willing to pay a bit more since the price of you causing an accident where for example the father who is the only income earner in a family making 10K a month ending up with brain damage is huge, and if he had his kid along who ends up in a wheelchair than a few millions really means nothing.

So it is basically a small price to pay to prevent getting bankrupt if the worst case scenario happens.
Income loss is covered by accident insurance, one of the reason car insurance in CH is cheaper than the UK where there is huge fraud in accident compensation claims.
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Old 15.03.2019, 21:08
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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Income loss is covered by accident insurance, one of the reason car insurance in CH is cheaper than the UK where there is huge fraud in accident compensation claims.
Why assume he caused the accident with a car and not by tripping over his feet on an escalator, or by cycling into another family after he got his wheel stuck in the tramtracks, or his cat running over the street causing an accident among a million other possibilities.
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Old 15.03.2019, 21:14
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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Why assume he caused the accident with a car and not by tripping over his feet on an escalator, or by cycling into another family after he got his wheel stuck in the tramtracks among a million other possibilities to be held liable for damage for which the accident insurance will not pay?
It's clearly nothing to do with a car, however anyone working will have salary already insured in CH.
Property damage yes, unlikely to exceed a couple of million by tripping someone over.....

Perhaps you could come up with just 1 scenario that exceeds loss of earnings & will result in a bill of over 3 million.

For infö car insurance in CH usually covers 100 million but excludes passengers as they would be expected to have accident cover, worth thinking about if you have non resident passengers. Your personal liability won't pay anything as motor accidents are excluded.
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Old 15.03.2019, 21:33
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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..... For infö car insurance in CH usually covers 100 million but excludes passengers as they would be expected to have accident cover, worth thinking about if you have non resident passengers. Your personal liability won't pay anything as motor accidents are excluded.
Yep, I had the "Insassenversicherung" (passenger insurance) the years I had an English boyfriend and we did quite some kilometers together in my car.
A must in my opinion if one has non-Swiss-residents in the car on regular basis.
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Old 16.03.2019, 09:15
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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I'm finally getting liability insurance ('bout time), and was wondering if there is a good reason
Not really, no.
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Old 18.03.2019, 10:29
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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Not really, no.
I don't know .... my liability insurance works like for other people taking an umbrella when leaving the house in the morning: It never rains on those days.

That is actually good enough for me
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Old 06.06.2019, 10:13
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Re: Liability Insurance - the CHF 3 or 5 million policy?

Greetings,
I think the 3 million should be enough. Although the extra CH15.00 to upgrade do not sound like a bad idea. Best of luck 😀
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Old 06.06.2019, 10:22
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Re: Liability Insurance - the CHF 3 or 5 million policy?

i dunno. but if i was planning on causing havoc, i'd probably cause between 3m-5m of havoc!
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Old 09.09.2020, 11:09
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Re: Liability Insurance - the CHF 3 or 5 million policy?

I'm also wondering about this and also pondering about the mieterverband liability insurance. Mieterverband's is just 12 francs per year, but just covers 1 million francs without deductible, which is nice.

However, I really think that 1 million francs is rather poor. I'm thinking in the rare even, but possible, of a fire in our apartment. An apartment in Zürich could be around 1 million easily and if the fire spread over a couple of units you better have something that covers all the damage to other apartments and the building.

I don't know if my thinking is correct, but I would like to have some feedback. I don't know if an even like fire it will be covered by other insurance.
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Old 29.09.2020, 10:56
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Re: Liability Insurance - the CHF 3 or 5 million policy?

I don’t understand this liability insurance for tenants, if a fire/ major damage, isn’t it the responsibility of the landlord to take the insurance?
If small damage ( apart from wear and tear) then this is what the deposit for...
I asked Swiss senior people and they had no clue about this liability insurance, is it a legal requirement?
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Old 29.09.2020, 11:55
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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I don’t understand this liability insurance for tenants, if a fire/ major damage, isn’t it the responsibility of the landlord to take the insurance?
If small damage ( apart from wear and tear) then this is what the deposit for...
I asked Swiss senior people and they had no clue about this liability insurance, is it a legal requirement?
If you set the building on fire, the house insurance could sue you for negligence if you were, probably not very likely.
Not a legal requirement but could be a contractual requirement of your lease.
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Old 29.09.2020, 15:00
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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I asked Swiss senior people and they had no clue about this liability insurance, is it a legal requirement?
There faces ight speak more words when you talk about "Privathaftpflicht". If you bike regularly it is a "must" (Not in the legal sense, but in the financial sense).

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Income loss is covered by accident insurance, one of the reason car insurance in CH is cheaper than the UK where there is huge fraud in accident compensation claims.
First, the income is only partially covered, second the insurances have a right to reclaim the cost from the person at fault. They will do so even if you do not a have liability insurance.
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Old 01.10.2020, 10:19
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Re: Liability Insurance - the CHF 3 or 5 million policy?

The Liability Insurance like the Legal Insurance might not seem useful but when the sh** hits the fan will save your ass.

For what is their annual cost I think it's a sound investment.
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Old 01.10.2020, 10:37
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Re: Liability Insurance - the CHF 3 or 5 million policy?

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There faces ight speak more words when you talk about "Privathaftpflicht". If you bike regularly it is a "must" (Not in the legal sense, but in the financial sense).
why if you bike regularly?
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