Cancel Your Car Insurance : Many times, either because we have found another insurance that is better suited to our needs or because we want to change insurance companies , among other circumstances, we have the doubt of what to do to cancel an insurance policy, because what issues appear as : What should I do to cancel the insurance? How can I carry out the processing?
What should I do to cancel the insurance?
Cancel the Insurance Renewal
In case of not wanting to extend an insurance policy, there is the possibility of cancellation provided that the user notifies the insurance company with a period of one month , which will help avoid any type of problem, as this is governed by regulations.
Failure to pay the receipt when they wish to cancel the policy is the error that many users make, however, it is not the correct one since the insurers by default renew the insurance without there being no previous notice , claiming later the amount of those premiums left over from pay.
As we have already mentioned, the correct thing is to request in a period of not less than one month, the desire to cancel the insurance policy; specifically, in its Article 22 the Insurance Contract Law says that:
The insurer may terminate the contract by means of a declaration addressed to the policyholder within a period of one month, based on knowledge of the reservation or inaccuracy of the policyholder. The insurer will be responsible, unless there is fraud or gross negligence on his part, the premiums related to the current period at the time he makes this declaration.
In many insurers it is only allowed to cancel the insurance when the property that is insured is no longer the policyholder. And in most cases the premium paid and not consumed will be lost, since the insurance company will not return it if you have decided to leave the company in advance.
There are three reasons why you can unsubscribe at the time, these reasons are:
- That the insurance company modifies the price or the coverage of the policy.
- That the insurance company reduces the insured risk.
- That you regret the hiring of life insurance or insurance contracted online.
The conditions for the previous reasons to be valid are the following:
Insurance canceled by price modification or coverage by the insurer
In the event that the insurer changes the price of the insurance premium or modifies the contracted coverage, the policyholder will have 15 days from the receipt of the price change or the modification of the coverages to accept or reject the proposal.
Insurance canceled due to risk reduction
If the risk for which you are insured has decreased and after transmitting it to the insurer, it does not lower the premium price of the renewal, the policyholder may object to the renewal within 15 days of the renewal term.
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Cancellation of insurance contracted online
When an online insurance contract is made, the policyholder will have a period of 14 calendar days to cancel . To do so it will be necessary to contact the insurer and communicate it through a durable and accessible support.
Cancellation of life insurance
Life insurance has a different characteristic to the rest of insurances, and is that life insurance has a term of 30 days in which the policyholder can rescind the same within 30 days after hiring , as long as it is contracted for a period exceeding 6 months.
How to cancel a policy or prevent its renewal?
There are different ways to carry out the cancellation of insurance; One of them is by means of a telegram or bureau fax to the company’s registered office, indicating the data of the policyholder, the reference number of the policy and the indication of the cancellation of the policy once it has expired.
Another way could be to submit a written statement to the insurance agent, requesting the wish not to renew the policy , Next, the format that usually appears in the written submission to cancel the insurance policy is shown.These are the steps above to cancel your insurance policy