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“I find Zurich Insurance’s behavior outrageous!” said Pierre Wiezik* angrily. says. He has been getting motor vehicle insurance there for 30 years. And although he has always been accident-free, he is expected to pay a much higher premium starting in January. It increases from 1,934 francs to 2,210 francs, or almost 15 percent.
The insurance company justifies this step in its accompanying letter, saying that higher energy costs and more complex vehicle technology lead to more expensive repairs, more severe storm damage, and more accidents overall. The combination of these factors results in high costs.
Wiezik, whose family does not want his name to appear in the media, says that the price increase is a problem in itself. He was even more annoyed by the short notice: “I only received the letter in the last days of November and therefore only received a one month notice. “This is not possible,” he says. After all, there is a three-month notice period.
Is the insurance company allowed to increase the price in such a short time?
Unilateral contract corrections
In fact, when looking at the general insurance conditions (AVB), it appears that the insurance company is actually allowed to make unilateral contractual arrangements – such as premium increases – at the end of each year, with only 25 days’ notice. Moreover, this is not only valid for Zurich; Similar provisions can also be found in the General Terms and Conditions of Axa and Mobiliar.
“Observer” expert Nicole Müller says: “This is legal, AVB regulations apply.” In return, customers have the right to cancel on the last day of the insurance year. This is usually possible on the day as in Zurich. This also applies to long-term contracts; Regular notice periods of three months generally do not apply.
Under great time pressure as Christmas approached, Pierre Wiezik suddenly had to review offers and look for new insurance. In fact, he found an offer on TCS with the same conditions but 500 francs cheaper. He has now resigned from Zurich. But all this bothers him fundamentally: “As a shareholder in Zurich, I know that the company is doing well; he does not hide it. That’s why I find the approach even more ugly. This fuels the inflation that burdens us all.” Zurich Insurance emphasizes that no decision has been taken to increase prices by 15 percent in general. “Individual price increases can occur for various reasons.”
The overall increase in costs is affecting the entire industry: “Motor insurance premiums are currently rising by an average of 17 percent across the entire market in Switzerland, as Comparis calculated in the summer.”
* Name changed
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
