Insurance

Swiss citizens have comprehensive insurance coverage. Swiss families spend an average of 21% of their household budget on insurance overall. Medical insurance is by far the most expensive.

For further information see 'Health Insurance' and 'Income and cost of living'.

Contributions to social security and unemployment insurance are compulsory, as is medical and liability insurance. Contributions to social security and unemployment insurance are set by the government and are directly deducted from the salary. Medical and liability insurance must be purchased privately based on one’s own choice of provider.

For further information see section 'Non-wage labour costs'.

Anyone who rents an apartment is urged to take out insurance covering household contents and personal liability (available either separately or in combination). Contents insurance covers damage such as floor damage caused by an overflowing bathtub. Personal liability insurance covers any damage caused by the insured person to third parties (property damage and/or personal injury).

Every owner of a motor vehicle is required to have motor vehicle liability insurance. It covers personal injury and/or property damage caused by operation of the insured motor vehicle, regardless of who is driving the vehicle at the time of the accident. Partial and comprehensive/collision insurance coverage is also recommended. Anyone who rides a bicycle in Switzerland needs a bicycle sticker (Velovignette). It is actually a form of compulsory liability insurance that covers personal injury or property damage to third parties.