Liability insurance notice – terminate the contract on time

With the liability insurance the term of notice is regulated manageable. Insured persons only have to remember the three-month period and the day on which they can cancel their liability insurance. But to completely disclaim liability is not a good idea.

The period of notice of the liability insurance can be found out simply by looking into the insurance contract. It is usually three months before the end of the contract period . If the insurer has not given notice of termination by the balance sheet date, the insurance contract will be extended for a further year.

Many liability insurance policies must be terminated by 30 September at the latest, as they run annually. At the turn of the year, the protection is extended automatically, unless the insured have terminated the contract on time. Other contracts, however, provide for a term of less than a year. Here, customers must determine the key date for the termination individually.

As an example, the period for terminating the liability insurance can be determined as follows: An insured person has signed a contract with his liability insurance for a period of three years on 1 November 2014. The deadline is three months before the end of the term. After two years and nine months, ie as of 31 July 2017, the insured person can then for the first time cancel his personal liability.

When is the termination of liability insurance useful?

Anyone who contracts with his partner and can be included in his liability insurance contract can confidently renounce his private liability. In principle, however, it only makes sense to terminate liability insurance if the next hedge is already in sight. Because the financial risk without insurance coverage is significant. Not for nothing consumer advocates call the liability insurance a must. For example, anyone who causes an accident as a pedestrian must, in an emergency, face claims for damages of several thousand euros . To do this, an evasive vehicle only has to collide with another car.

Alternative instead of waiver – use termination to change the insurance

Only those who keep the notice period, can switch to a cheaper or more powerful liability insurance. To find suitable rates, there are some liability insurance tests. Anyone who wants to look around the market, for example, with the test winner of Focus-Money (Issue 19/2017) first suggestions, where the change could go:

  • InterRisk – Concept XL (without contribution adjustment)
  • Janitos – Best Selection
  • Upper Austrian insurance – Super protection

Liability insurance with very different benefits

Insurance changers not only have the opportunity to save on new liability insurance contributions. Other rates often offer more benefits for the same or less money . Not every tariff, for example, insures the loss of a foreign service key or a foreign private key – which can result in high follow-up costs in an emergency. Also, the coverage of insurers differs. It should be at least three million euros.

Other deadlines for claim settlement?

Under certain conditions, irrespective of the three-month period, insured persons have the option of leaving their insurer. This is the case, for example, after the settlement of a claim . Another cause for extraordinary termination is when the insurance company increases its contributions without improving benefits at the same time. With their special right of termination , insured persons can cancel their personal liability within one month.

Securing the notice period – play it safe by registered mail

When sending the notice policyholders should pay attention to one thing: By registered letter with return receipt they play it safe. Terminations by fax or e-mail may not be considered. Your letter of termination can be created quickly by the churn generator.

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