INSURANCE FOR OWNERS
Insurance conditions for owners
So that you can rent your vehicle out to other people without any worries, we offer you an insurance solution on a daily basis in cooperation with Baloise, which is specially tailored to rental via myOldtimer.
Should you not meet the requirements of the myOldtimer-Baloise insurance solution, or already hold an insurance policy which explicitly includes the rental, you can also use another insurance policy.
Summary of the key points
- Please check in your vehicle policy if your vehicle is insured for hire against payment or if this is explicitly excluded.
- If hire against payment is excluded, you will require additional insurance: MyOldtimer-Baloise insurance with the modules liability insurance, comprehensive insurance and bonus protection/waiver of deductible.
- If hire against payment is covered in your vehicle policy, you will only need the waiver of deductible/bonus protection module of the MyOldtimer-Baloise insurance. If the renter causes a claim event, Baloise will pay for the premium increase and your deductible, thereby providing you with comprehensive insurance in the event of a claim. This does not apply to vehicles registered outside of Switzerland.
- If your vehicle has breakdown assistance insurance, you can indicate this when registering. In that case the renter will not need to arrange this coverage. If you have not taken out any breakdown assistance, the renter can add this in the booking process.
- You can choose whether or not the renter must take out insurance for damage to the vehicle interior, or you can give the renter the option of adding this cover voluntarily.
- During the booking process, the renter will have the opportunity to take out other optional insurance, such as cancellation and baggage insurance.
Liability and comprehensive insurance
The myOldtimer-Baloise insurance solution
The MyOldtimer-Baloise insurance solution includes the following cover for all rented vehicles: liability and part or fully comprehensive cover and waiver of deductible/bonus protection. In the case of a caravan, the liability insurance is to be covered by the policy for the towing vehicle. As a lessor, you can also determine whether or not vehicle interior insurance is mandatory. You can find the General Terms and Conditions of Insurance (GTC) here.
Excess for comprehensive and liability insurance per claim: CHF 200
- Third party liability: covers damage caused by the renter to another's vehicle or property
- Comprehensive insurance: covers damage caused by natural forces, snow slide, theft, animals, glass, vandalism and assistance as well as damage caused by falling objects (e.g. hail, falling snow, theft, collision with animals, glass breakage) and collision and fire damage to the vehicule caused by the renter, without interior space (e.g. collapse, impact, tipping over, lightning, fire, sinking in and out)
- Interior insurance: covers damage due to sudden destruction or damage caused by external or internal impact to components in the interior or passenger compartment as well as in the load compartment or boot, as well as the furniture in the living area including windows and blinds, the electrical appliances in the living area (e.g. refrigerator, boiler, TV set), the complete gas system as well as the drinking and waste water system of the vehicle listed in the rental agreement. If the rent refers to a vehicle with roof tent or only a roof tent, it also covers damage to the interior of the roof tent.
- Waiver of deductible/bonus protection: In the event of a claim, the vehicle premium will increase, and a deductible will be payable. Baloise will cover the premium increase difference and the costs of the deductible.
The MyOldtimer-Baloise insurance solution works very simply: When your vehicule is booked via MyOldtimer, it is covered by insurance from Baloise. In the event of claims incurred during the rental period, the MyOldtimer-Baloise insurance solution will take effect and take priority. This means that your private insurance will continue to be valid during the rental period, but the MyOldtimer-Baloise insurance will be triggered in the event of a claim. As soon as your renter has completed and paid for the booking, the rental insurance will automatically be activated for the duration of the rental period. You and your renter will receive insurance confirmation together with the rental agreement. When you use your vehicule yourself, your own insurance cover will still apply. There is no need to inform your own insurance company or change the policy, and it will not be involved in any claims incurred during the rental period.
- The vehicule is enrolled in Switzerland or the Principality of Liechtenstein and you as the owner are resident in Switzerland or the Principality of Liechtenstein.
- The owner is resident in Switzerland or the Principality of Liechtenstein.
Should your vehicle not fulfil the preconditions for the MyOldtimer-Baloise insurance solution, we will gladly help you to find a suitable insurance policy. We have contacts and are sure we can help you. For this please contact us here.
The costs of the myOldtimer-Baloise insurance solution are paid by the renter. The insurance costs are regressive, they depend on the booking costs, the longer the rental period, the lower the insurance costs (pro rata). You do not pay any annual fees.
Your own rental insurance
If your vehicle does not fulfil the above criteria, or if you already hold rental insurance, it can be insured by your own insurance company as a rental vehicle.
The covers vary from insurance company to insurance company.
Your insurance policy must contain the wording "private rental" or "rental against payment". If the policy does not expressly mention rental, we recommend that you consult your insurance company and request written confirmation. Most insurance companies exclude rental against payment in their general terms and conditions of insurance.
If you want to rent your vehicle out on myOldtimer using your own rental insurance, please change this in the vehicle creation process.
Rental vehicle insurance usually entails a higher annual premium than insurance that covers only private use. Make the insurance available to the lessee, pay the premium and include it in the cost of the rental.
Additional insurance options for the lessee
The lessee has the option of taking out further insurance policies during the booking process.
If your vehicule already comes with breakdown assistance that covers rental too, you can indicate this in the vehicle profile. When handing over the vehicle, you give the renter the relevant documents explaining what to do in the event of a breakdown. If you have not taken out any breakdown assistance cover, the renter can book Europe-wide breakdown assistance with our partner Baloise Insurance during the booking process.
Loss of excess / bonus protection
If the vehicule is insured by you as the owner, a possible loss of excess of your insurance can be covered via 'Loss of excess / Bonus protection' of the MyOldtimer-Baloise insurance solution.
Vehice interior insurance
The renter can add vehicle interior insurance to the booking if you as the lessor have not stipulated this as obligatory in your vehicule profile. The interior insurance covers damage due to sudden destruction or damage caused by external or internal impact to components in the interior or passenger compartment as well as in the load compartment or boot, as well as the furniture in the living area including windows and blinds, the electrical appliances in the living area (e.g. refrigerator, boiler, TV set), the complete gas system as well as the drinking and waste water system of the vehicle listed in the rental agreement. If the rental refers to a vehicle with a roof tent or only a roof tent, this insurance also covers damage to the interior of the roof tent
Cancellation insurance covers costs incurred by the renter or other accompanying travellers if they cannot go on a booked trip (e.g. due to serious illness, serious injury or pregnancy complications). The renter can book this as an optional extra.