Do you want to change insurance companies because of unsatisfactory conditions? Or have you discovered an offer that is much better? We’ll tell you when you can cancel your insurance and how to do it.
Do you want to change insurance companies because of unsatisfactory conditions? Or have you discovered an offer that is much better? We’ll tell you when you can cancel your insurance and how to do it.
An insurance contract is a commitment to pay premiums to an insurance company. At the same time, the insurer undertakes to provide you (or another person) with certain benefits if an insured event occurs. A typical example is if your flat burns down and the insurance company pays you (subject to other conditions) the amount for which the flat was insured.
The contract usually requires a written form, except in situations where the insurance is for less than a year (typically travel insurance).
The contract should always state:
The contract always includes the terms and conditions of insurance to which the insurer refers. We recommend that you read this document in detail as it contains all the exclusions not covered by the policy. What may appear to be very advantageous may then become completely meaningless and worthless due to dozens of different exclusions. A certain trick can be the specific glossary of terms used by the insurance company. Know, for example, that a flood is not a flood, although the terms are used interchangeably in common parlance. So, if you are insured against flood and your house is destroyed by water spilling from a river, you may not see a penny from your policy. This is because floods are understood by insurance companies to be caused by rainfall, while water spilling from the banks of rivers or other bodies of water is referred to as a flood.
Once the policy is signed, the insurance company will issue the policy itself. The policy is a confirmation of the insurance policy. If it is lost, damaged or destroyed, the insurance company will issue you with a replacement copy.
The insurance is under the terms and conditions you have agreed. If no period of insurance is agreed, the insurance starts on the first day following the date of conclusion of the contract.
Tip: Complete protection of the property and its contents in the event of fire or earthquake, for example, can involve three policies at the same time: insurance of the dwelling unit, home insurance and insurance of the common parts of the house. In our article, we will advise you on how to combine the policies and what to look out for when taking them out.
It is definitely not easy to terminate an insurance contract. By signing it, you have created an obligation towards the insurance company that you cannot get out of whenever you want. It is therefore a good idea to know the points at which you can terminate the insurance quite easily. Many of the principles for terminating an insurance policy are the same whether it is accident insurance, property insurance or life insurance. Nevertheless, we recommend that you consult your contract and policy conditions in specific cases.
The easiest way to terminate your new insurance is to cancel the contract within 14 days of taking out the policy. The insurer should inform you of this right before you sign the contract. If it has not done so, the 14-day period will only start when the insurer informs you of the policy conditions.
This period may vary for some policies, for example, it is longer for life insurance, while for short-term policies (typically travel insurance) this is not on the agenda at all.
You must send the withdrawal information to the insurer in writing, or via a data mailbox, and the document must contain the words and wording “withdrawal”, the designation of the insurance contract, the date and signature. It is up to you whether you attach, for example, a justification for the withdrawal or other text.
In this case, the insurance will automatically terminate upon delivery of the document to the insurer.
Remember that only the consumer may withdraw from the contract within 14 days. You cannot terminate insurance policies that you have taken out as a business or in the course of your profession in this way.
Are you dealing with an insurance-related legal problem?
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Tip: Withdrawal is one way to end a contract if the other party materially breaches it. You don’t need the other party’s consent, but the law only allows it in certain cases. In our article, you will learn not only which situations these are, but also how to withdraw from the contract and what you need to take into account.
Another obvious solution is to terminate your insurance at the end of the policy period. You must give notice in writing or by post to the insurer, usually six weeks before the end of the period. However, check the specific deadline in advance in the policy conditions or ask your insurer directly. For example, a life insurance contract usually has a three-month notice period for such cases . If you fail to keep an eye on the time limit, the insurance may lapse at the end of the next policy period.
If the insurer decides to change the amount of your premium, it must inform you of this at least two months before the new premium is due. If you do not agree with the change, you can object to it within one month (in writing or by mail). The insurance will then automatically lapse after the period for which it has already been paid.
You can also try to cancel the insurance contract by mutual agreement with the insurer. However, the insurance company is more likely to refer you to other procedures and its agreement to terminate cannot be legally enforced. Insurance companies may be more amenable to an agreement if, for example, there has been serious misconduct on their part and you complain or want to publicise the situation.
Tip: We recommend that any communication with the insurance company be in writing, at least electronically, and that you back everything up. The actual notice or cancellation of the contract should then be made by data mail, in writing or in person at the insurance company’s branch.
For some types of insurance where a specific item is insured (e.g. apartment, house or car), notice is appropriate when the ownership of the insured item changes. However, the termination of the insurance does not occur automatically upon a change of ownership, but the notice must be delivered to the insurer again in writing or electronically via a data mailbox. The insurance company will charge you the premium up to the date of termination.
Tip: A change of ownership of a vehicle must be documented to the insurance company by a bill of sale or a large vehicle registration document where the change of ownership is recorded. A similar procedure can be followed when the vehicle is temporarily scrapped or disposed of. The insurance company needs to be provided with a large technical certificate in which the record of the scrapping of the vehicle (deposit of the registration plate) is recorded. The contract may be terminated in this way for a limited period.
The insurance may also end when the deadline for payment of the outstanding premium set out in the reminder expires. If the insurance company has reminded you to pay the premium and told you that the insurance will lapse if the premium is not paid even within an additional period of time (at least one month from the date of the reminder), then the insurance will lapse on the expiry of this period.
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