4. You have signed an insurance contract but changed your mind

Immediately after its conclusion

  • If you enter into an insurance contract in a way other than personally at the insurer's branch, i.e. over the phone or the Internet, you can withdraw from the contract by terminating it within 14 days after its conclusion. Life assurance on survival to a stipulated age or on earlier death can be terminated within 30 days.  You can withdraw from a contract without stating the reasons and the insurer may not charge any fee for such withdrawal.  This will not apply if you use the insurance in the meantime. If you take out travel insurance and go on holiday, you may not cancel the   insurance contract and demand premium refunding after you come home (even if nothing happens during the holiday).
  • If you take out personal insurance (other than accident insurance), you may cancel the insurance contract within 30 days after its conclusion, irrespective of whether the contract was concluded at a branch or otherwise.

Later

Later you can terminate your insurance contract by notice.  There is a so-called ‘insurance period' specified in the contract, e.g. one year.  If there is no other notice period agreed upon in the contract, notice is to be sent to the insurer at least six weeks before the insurance period expires.  This means, for example, six weeks prior to the anniversary of the conclusion of the contract.

You stop paying insurance premiums

An insurance contract will also expire if:

  • you do not pay the first premium within three months of the due date; or
  • you do not pay the next premium within one month after being warned by the insurer  (you may agree other time limits in the contract).  The insurer may, however, require you to pay part of the premium for the period during which you were insured.

Take a close look at the contract

More details and other possibilities for terminating your insurance contract may be set out in the contract or in other documents related thereto.  In the case of motor third-party liability insurance, there are further rules for the termination of an insurance contract - these are probably included in your contract or in other documents related thereto.