What do you need and why cancel insurance?

Canceling your insurance on the renewal date to contract a new one and change companies is a very good idea when it comes to saving on your insurance. Many companies use capturing offers offering a price that is not maintained or rises more than we think.

This is a quick and easy process. But you can’t leave it to the last minute, you must notify the company that you want to cancel the policy one month before the expiration date. It is common for companies, when expressing the intention not to renew, to require that the cancellation of the policy be in writing, in which the policyholder states that he does not want to renew the policy.

This communication must be made in writing with a certified letter and keep the acknowledgment of receipt or by email with the justification that the company has received it. It is important to make sure and have proof that the company has received it so that if it is misplaced, the automatic renewal does not take place.

Here you can find the written model to cancel the insurance. How to cancel car or home insurance?

In the case of home and car insurance, it will suffice to give written notice 30 days before the policy renewal date.

How to cancel Medical Insurance?

To cancel health insurance, you must communicate your decision in writing to the insurer one month before the expiration of the same, which generally, although it is in the process of change, still most companies have it for a calendar year, that is, the expiration of These policies are usually on December 31, although there are exceptions. If you want to cancel health insurance after the deadline, contact us or the company in question.

When medical insurance does not meet our expectations, that insurance no longer fulfills the purpose for which it was contracted, and therefore the idea of ​​canceling said insurance is raised. When the health insurance is canceled, the services of the health insurance in question are no longer available, but the obligation to pay the premium also ends.

However, one must take into account a basic rule in the medical policy that says that health insurance cannot be canceled if it is not at least one month in advance and as long as the year has ended. In other words, health insurance policies are canceled at least one month in advance before December 31.

This means that those who wanted to cancel health care insurance in May would have to continue paying their health insurance until December, when they would cancel, as long as we remember to notify the insurance company before the deadline.

Save up to 40% on Medical Insurance

Is returning the receipt used to process the cancellation?

No. It indeed is one of the most common mistakes made when processing the cancellation of insurance, but this does not process the cancellation of insurance. And it is that a contract cannot be rescinded simply by not paying the corresponding premium.

So, although it seems like an easy way to return the receipt, the truth is that it is not, since it may have consequences, the company may proceed to:

  • Include us in the list of defaulters
  • Claim for premiums not paid in court

After processing the return of the receipt, the company usually returns it after 15 days for the customer to pay. Some insurers allow up to 60 days.

Cancel insurance after the term, what happens?

As we have explained previously, to cancel insurance it is necessary to notify the insurer one month in advance, but sometimes we get confused and miss the deadline.

In that case, what do I do to cancel insurance after the term? The best thing is to speak directly with the company or with your mediator, normally you get it even if the next annuity has already started.

If you do not get it, the most drastic way is to return the receipt, but what we have explained above must be taken into account.

If I cancel insurance, do I get my money back?

Normally, no, the cancellation of the insurance occurs when the policy expires, so, in these cases, there is nothing to return. There are some exceptions, for example, in car insurance, when the loss occurs due to the disappearance of the risk, that is, either because the car has been sold or because it has broken down and is not going to be repaired.

In these cases, and only if it is contemplated in the clauses of the contract, the law provides that the insurer must return the premium not consumed until the expiration of the policy.

Change in insurance conditions

An increase in the premium or a reduction in coverage must be communicated at least two months in advance since the policyholder must agree. If the insurer does not respect the term or chooses to dispense with the communication, you can refuse and demand that the previous amount be maintained. In addition, the law also allows you to cancel the insurance if you notice one month before the expiration date.

How to cancel the insurance policy?

In addition to respecting the deadlines, we must also be very clear about how to cancel the insurance policy, because if we do not choose the path established by law, the notification will have no value. Also, keep in mind that each company may have its own avenue for communication.

A letter is usually sent by certified mail to the insurer’s headquarters. You can choose any notification model, as long as you indicate your personal data, such as full name and DNI or equivalent, and the reason for the letter dated. Always keep the acknowledgment of receipt. Some allow the sending of a Burofax.

Other options that some companies offer are communication by telephone, through the customer area of ​​the website, through a form, or by email. We recommend that you check which ones your insurer allows and that you communicate your decision well in advance.

LEAVE A REPLY

Please enter your comment!
Please enter your name here