What is policy cancellation?
Policy cancellation ends an insurance contract before it expires. It may be requested for reasons such as the sale of a vehicle, finding a better or broader policy, no longer needing the insurance or difficulty paying premiums.
How is a policy cancelled?
A written application is made to the insurer with your ID details, policy number and reason for cancellation. Most insurers accept cancellation online or by written petition.
When you fill in the form and upload your policy file, our team reviews the request, helps you complete the required documents and submits it to the insurer.
Which documents are needed to cancel?
A signed cancellation petition, a copy of your ID and the policy document are usually requested. For a vehicle sale a sales contract or notary document, and for financed products the lender's approval, may be needed.
Withdrawal right and premium refund
Some policies have a withdrawal right for a set period from the start date, and cancellation within this period may be made without deduction. For cancellations outside the withdrawal period, the refund is calculated from the unused period of the policy and claims paid.
Depending on the insurer, the refund is usually made within a few to fifteen business days.
Points to watch by product
Compulsory traffic insurance can only be cancelled for cases such as vehicle sale, scrapping or withdrawal from traffic. DASK is compulsory and cannot be cancelled. For financed vehicles or homes the lender's approval may be needed. In health insurance there is a risk of losing renewal guarantee and waiting periods. Travel insurance must be cancelled before the trip starts.
What should I do after cancelling?
Keep a copy of your petition, the insurer's cancellation confirmation and the bank receipt of the refund. If you cancel a compulsory insurance, remember to take out a new policy so your cover does not lapse. You can ask our team for alternative quotes.