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Is it possible to cancel car insurance?

Autos y Motos

13.01.2018 a las 21:36 hs 0 0 0

Is it possible to cancel car insurance?

Someday everyone has already wanted to cancel a service, either because they did not like the experience or simply because he no longer met the changes that happened in life. But what about car insurance? Can it be canceled too? And how is the protection of the car when this happens? Yes, car insurance can be canceled by both you and the insurer. Let's explain how it works in each case.

Insurance canceled by the customer

The first step in canceling car insurance is to contact your broker as it is the one that requests the cancellation from the insurer.
Then, it is necessary to formalize this cancellation by signed letter, according to the guidance that is given by the broker.

Insurance canceled by the insurer

The insurer may also cancel the insurance in the following cases:

1. Default: When you delay or fail to pay the insurance, it can be canceled, especially if this is the first installment. It is essential not to delay payments to be covered before any unforeseen.

2. Total loss or theft: If you go through any of these situations where the car could not be recovered, the insurer can cancel the insurance after making your compensation, because it is subtended that you no longer have a car to insure.

And what about the bonus I had?

We have explained how the bonus works here and how it was said, you never lose it. It can always be transferred to a new insurer. This is because the bonus does not refer to the car but to the good history of the driver. So if you cancel your insurance and hire a new one from another insurer, your bonus can be transferred smoothly. Remember that the fewer claims you get involved and the less you need to trigger the insurer, the better your bonus will be.

But how do I get the amount I already paid?

According to Susep - Superintendency of Private Insurance - in the event of termination on the initiative of the Insurer, the part of the premium (here you can understand what it means) received in proportion to the pro-rata temporis "For the time being spent.

For example, if 60% of the insurance term has elapsed, the insurer may withhold 60% of the premium, restoring 40% of the premium to the insured.

If the initiative was the Insured, the Insurer will retain the part of the premium received based on the Short Time Table for the time elapsed.

For example: 120 days after the contract has expired, based on the Short Term Table, the insurer may withhold 50% of the premium. The guidance of your broker is super important at this stage.

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