Automobile Insurance Companies in Scandinavian Countries: Nature, Scopes
Review, and Significance of Ratios: A Comparative Premium Study
Scandinavian automobile insurance mainly in Sweden, Norway and Denmark serves to protect
policies holders from the potential risks including accidents, thefts and other damages. Every
country requires drivers to purchase at least liability car insurance, but the choices of covering
options and the rates are diverse. By comparing various services offered by different insurance
companies, drivers enable themselves to get the best insurance cover at a fair price which is why
it is important to comprehend how all these insurance providers function in relation to the laws
of these countries.
The Role of Major Automobile Insurance Companies in Scandinavia: An
Overview
1-Tryg Forsikring: Denmark, Norway, Sweden
Background:
Tryg is among the largest insurance companies in Scandinavia that operates within all three
countries. The company provides specific kinds of auto insurance policies based on a certain
driver.
Automobile Insurance Coverage Options:
Auto insurance includes: basic liability, comprehensive coverage; third party liability, theft and
fire; roadside assistance, and rental car pay back.
Unique Features:
In its operations Tryg has embraced the aspect of environmental conservation and even rewards
its customers like offering car policy insurances to electric car users. Their MyCar Tryg service
includes accident support along with processing of claims through a smartphone application.
Website: tryg.com
2-If Skadeförsäkring (Sweden, Norway, Finland, Denmark)
Background:
If Insurance is another large insurer offering a complete range of car Insurance for Scandinavia.
Being a top customer support team and having an easy-to-navigate website, if works for clients
and companies.
Automobile Insurance Coverage Options:
It covers as follows; basic/common liability, special/comprehensive plans, personal accident of
the owner driver, legal, tow away, car rental of the owner.
Unique Features:
Some of the services include personalized coverage and annual discounts of safe, student and
senior drivers. If also has provided online insurance calculator tool that can help people to get the
insurance quotes depending on the type of car and car usage, and history of the driver.
Website: if.se
3-Gjensidige Forsikring (Norway, Sweden, Denmark)
Background:
Gjensidige is one of the biggest and oldest insurance companies in Norway that also provides
insurance to its neighbors – other Scandinavian countries. Hewlett Packard Company especially
lays on the strategy of simplicity, clarity and superior customer relations services.
Automobile Insurance Coverage Options:
Essentials, superior, signature, complete, luxury and premier, emergency as well as fire and theft,
and vandalism, and safe journey.
Unique Features:
The services offered via the online platform comprise a Claims Center to assist customers in file
submission and monitoring. The Safe Driver programs include giving discount for motorists who
have never had accidents or moving violations.
Website: gjensidige.no
4-Länsförsäkringar (Sweden)
Background:
Länsförsäkringar is a foremost insurance company in Sweden that specializes in providing
exclusive services to each region. It is a mutual company, and those who have policies in force
make decisions for the company.
Automobile Insurance Coverage Options:
Liability, collision, specified property, limited medical, business and travel, and associated
customer services.
Unique Features:
Länsförsäkringar offers different ground rates for each driver as well as custom-made premiums
based on model of the motorcar. Clients can also have an access to their policies, file a claim and
get a discount through their mobile application.
Website: lansforsakringar.se
5-Codan Forsikring (Denmark)
Background:
Codan is a Danish insurance company that specializes in flexibility of insurance solutions and
competitive rates. Codan has two types of policy; personal and family policies.
Automobile Insurance Coverage Options:
Bodily injury and property damage, collision and comprehensive, fire and theft as well as exotic
accessory and customization options.
Unique Features:
Codan has also facilities for easy filing of claims and policies updates on the go via a mobile
application. Odd as it may seem, Codan has decided to help out ecology –minded drivers with
special discounts on fuel-efficient or electric automobiles.
Website: codan.dk
Auto Insurance Products Offered under the Scandinavian Market
Most Scandinavian auto insurance providers offer three primary types of
coverage:
Third-Party Liability Insurance: This is the minimum standard type of insurance across the
Scandinavian countries of Sweden, Norway and Denmark, which entails third party bodily
injury, third party property damage as well as third party products.
Comprehensive Automobile Insurance:
This may include losses on the insured car through an accident, theft, fire and malicious damage.
The complete programs generally contain aspects such as towing services, rental vehicle, and
other accident coverage.
Automobile Insurance Collision Coverage:
Particularly relates to any harm arising out of an accident involving one vehicle or objects. Some
insurers offer this as an extra or a standalone product, but it is especially important in high crime
zones or if you are insuring a luxury car.
Functions of Coverage Premiums and Determinants of Rates
Automobile insurance in the Scandinavia countries is regulated by various factors such that the kind of
car, age of driver, experience of driver, where the driver lives, and how frequently the car is used
on the road and the type of usage it is subjected to. This is mainly because premium comparison
is the most effective way for acquiring affordable insurance with satisfactory coverage.
Important aspects of premiums include:
Vehicle-Specific Factors:
With reference to limits, premiums are affected by the age, type, and value of the particular car;
with members using luxurious and sporty models covered at high premiums.
Driver’s Record:
In this case, insurers offer what is regarded as low-risk schematics, such as drivers who have not
made claims in the recent past, low insurance premiums the other hand, there are high-risk
schematics, such as young drivers and those who made claims in the past.
Location:
The premium of such a car may be higher in urban areas because of likelihood of having many
accidents and theft incidences.
Policy Customization:
Some insurers can customize the policies, whereby a driver can include or exclude certain
coverage’s that may change the premium.
Comparing Online Tools of Scandinavian Auto Insurance
There are a number of sites offered where people can make a switch to compare auto insurance
in Scandinavia. Users are able to find specific policies based on their requirements and their
capacity to pay. Some notable comparison sites include:
Insplanet (Sweden):
Offers insurance quotations and enables individuals to have the policy information of multiple
insurance companies in Sweden.
Website: insplanet.se
Forbrukerrådet (Norway):
Personal insurance is provided by Norway’s Consumer Council comprising of car insurance
comparisons; users can view from the options depending on the type of car and the type of
insurance they want.
Website: forbrukerradet.no
Tjenestetorvet (Denmark):
A Danish comparison site which can be easily navigated by customers, Tjenestetorvet allows
customers to compare different policy offers and their premiums.
Website: tjenestetorvet.dk
Conclusion
The Scandinavian automobile insurance market is no different from the international market in
that one has to balance the coverage to be had with the price to be paid. Thus Comparison of
different providers such as Tryg, Gjensidige, Länsförsäkringar and Codan are helpful. With help
of ON-line tools and wit knowledge of all factors influencing premiums, drivers can find
insurance that would be cheap enough according to their financial possibilities and would
provide maximal coverage for safer driving in Scandinavia.
