How much notice do you need to give to cancel insurance?

Question

José Manuel Alburquerque · Accepted Answer

At least one month before the end of the current period, which is normally the annual renewal date. It must be done in writing. If you give notice later, the policy renews for another year and you will have to pay for it. The insurer, on the other hand, needs to give you two months' notice if it is the one that does not want to renew. Do it by a means that records the date, such as a “burofax” (a certified letter with proof of content), a letter with acknowledgement of receipt or the customer area of the website if it gives you proof of submission. How to do it Find the renewal date in the policy and count back one month, preferably with a few days to spare. Send a letter with your name, the policy number and your decision not to renew it when it expires. Keep proof of sending and ask for the cancellation to be confirmed. If it is car insurance, have the new policy in place before the old one ends, because the car cannot be left without compulsory motor insurance. What does not work Not paying the premium is not the same as cancelling. Cover is suspended one month after the premium payment falls due, but the insurer can claim the premium from you within the following six months. Mid-term, you can only end the policy and recover part of the premium in specific cases, such as exercising the right to cancel a policy just taken out at a distance or what the policy provides for if the insured property is sold. If the risk decreases, you can ask for the premium to be reduced. If it is not reduced at the end of the period, you can terminate the contract and recover what you overpaid from the date you reported it. Special cases If the insurer notifies you of an increase less than two months in advance, it should not be able to apply it at that renewal. With funeral and long-term care insurance, only the policyholder can refuse renewal. The insurer cannot stop renewing them. With life policies that renew every year, you can normally refuse renewal by giving one month's notice, as with other policies. If the policy is linked to your mortgage, check first what the loan requires. With savings life policies, early exit takes the form of surrender or conversion to a paid-up policy, as provided for in the policy.