Perhaps another insurer offers the same benefits at a lower price, perhaps an alternative insurance solution covers your requirements better or perhaps you have learned that your provider is going to increase their premiums: there are various reasons for changing your insurance policy. But what should you be aware of when you want to cancel insurance?

At the end of the contractual period

You can of course cancel your current insurance at the end of the contractual period. But the end of the contractual period doesn’t necessarily fall at the end of the year. The date of the conclusion of the contract is the determinant factor. The notice period may vary depending on the provider and the contract. It is therefore advisable to check the policy carefully before planning to change or cancel your insurance.

Tip

A reminder in your calendar can help make sure you don’t miss the cancellation date. You may also have the option of cancelling earlier – usually a maximum of one year in advance. Check with your current insurance company.

In the event of a premium increase

If the insurance company changes its premiums for the new insurance year, you may cancel at the end of the current insurance year.

Following a claim

If a claim arises, you can cancel the contract as soon as the insurance benefit has been paid out. The premium already paid will be refunded to you on a pro rata basis, except during the first year of insurance.

In the event of double insurance

If you move in with your partner, you only need to have one insurance policy for household contents and personal liability. Having double insurance is not only expensive, but can also lead to problems in the event of a claim. Contact your insurance companies to cancel one of the contracts.

Car insurance – when buying a new vehicle or in the event of change of owner

It’s easy to change your insurance policy when purchasing a vehicle or when the vehicle owner changes. In such cases, the premium already paid will be refunded on a pro rata basis.

How to give notice of cancellation correctly

Although policies do have an end date, that doesn’t mean the contract will actually end. Without written notice of cancellation, the contract is usually automatically extended for another year. Always terminate your contract in writing – preferably by registered mail – and make sure you receive confirmation of cancellation in writing. Incidentally, it is not the letter cancellation mark that counts, but the date of receipt. You should therefore send the notice of cancellation in plenty of time and take bank holidays and holiday periods into account.