When buying a car you pay attention to a good price-performance ratio, but with your car insurance you take too high premiums in purchase? The premiums are falling - but only for new contracts. Why? Especially direct insurers can usually offer more attractive premiums. Why spend unnecessarily much money, if it is also cheap? High time to cancel your expensive contract. We'll explain how to do it in 4 easy steps.
Step 1: Determine Termination Requirements
If you have decided to take out a new car insurance there are several ways to cancel your old contract. In addition to the ordinary termination at the end of the contract period, there are also various reasons to terminate extraordinarily before the end of the term.
Ordinary termination at the end of the term
The terms for auto insurance are usually one year. If you do not cancel, it automatically renews for another year. In the case of ordinary termination, the notice period is three months. Most of the insurance year ends on December 31, with under-year insurance, this may be another month that you have set yourself. The end of your term can be found in the contract documents. With Smile the whole thing is a lot easier. Here's insurance in the flexible monthly subscription. This means for most customers a monthly right of termination with option to monthly payment by credit card.
The extraordinary cancellation of your car insurance
In addition to the ordinary, there is the extraordinary termination. This means that you say "goodbye" to your car insurance outside the normal deadlines. You have the following options:
▶ ️ Holder change / sale of your car
Do you want to sell your car, which is both registered and insured? As soon as you have your vehicle ID stamped invalid at the Road Traffic Office, your insurance company will receive an out of service notification. If the vehicle is no longer in your possession, you should inform your insurance company verbally or in writing, so that they can finally cancel the contract and you will even be refunded any credit balance.
▶ ️ vehicle change
If you cancel your car during the current contract and sign up for another one, you can also cancel your car insurance extraordinarily. There are no deadlines to be met. All you have to do is unsubscribe from your old car's badge and activate the proof of insurance for your new car with your new car.
If you cancel your vehicle because you have it scrapped, for example, the car insurance expires automatically. You only have to inform your insurance company about the final decommissioning of your vehicle.
▶ ️ Premium increase or contract changes
If your old insurer raises the premiums, you usually have the right to resign extraordinarily. This also applies if only a part of your premium is affected - for example, the amount for fully comprehensive insurance. The termination must arrive at the latest on the last day of the insurance year with your insurance.
Incidentally, the same termination right applies to you if your insurance company changes the General Conditions of Insurance.
▶ ️ claim
In the covered case of damage, you can, just like the insurance company, make use of the right of termination. After your termination, the insurance cover is still valid for 14 days. If your insurance has been in existence for more than one year, you will also receive the remainder of the annual premium paid in the case of partial damage.
The notice period is usually 14 days to one month and begins as soon as your insurance has paid the damage.
Step 2: Set up notice of termination
You are not sure what the termination must mean? This information should not be missing, if you want to cancel your car insurance:
• Your name
• Your address
• The date
• Address of your insurance
• Policy Number
• vehicle
• Control Label
• The date on which you cancel
• Original signature
• If the termination is extraordinary: the reason
If you use our convenient bill service, we will send you a template for the cancellation of your old car insurance. Or you download the cancellation form from us and print it out.
Step 3: Send notice of your car insurance
By mail: If you want to cancel your car insurance by mail, always decide in this case for a registered letter. Note that the date of the inbox counts, not that of the postmark.
By e-mail or telephone: Ask your insurance company in good time (before expiry of the insurance) a written notice of cancellation.
Step 4: Sit back and look forward to the savings
Now you're ready for a whole new insurance experience. If you close your new car insurance with a direct insurer like Smile, you will not only benefit from lower premiums. At Smile you can fully customize the car insurance to your needs. Instead of long-term contracts you get a monthly right of termination, as well as the opportunity to pay monthly by credit card. Everything according to your wishes, fully flexible.
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