This also happens sometimes. We buy something, whether it is an object or a service, and for some reason we regret it. We find a better offer, or we realize that it is not what we asked to buy or we simply change our mind. Do we have the right? Can we ask for the cancellation of the contract we just signed without losing our money in the case of buying a service – such as the insurance coverage of a need?
The Law has provided for it – as long as you move fast!
According to the European Directive on the Distribution of Insurance Products (IDD) which is also state law from 2018 – Law 4583/2018, an Insured (customer) can exercise the right to withdraw, object and terminate his insurance policy (Article 27).
What applies under current legislation?
Right of objection:
In this specific right the insured must justify his request by filling in the special form attached to the insurance policy and send it by registered letter to the insurance company. The period mentioned below starts from the day he signed that he received the insurance policy.
If the reason he wants to cancel the insurance policy is because he received it without the general and special conditions (Law 2496/1997, Article 2, paragraph 6) that must accompany it, then he has 14 days to exercise his right.
If the reason is that the contract covers different needs from those requested, ie there are derogations from the original application (Law 2496/1997, Article 2, paragraph 5) then he has 30 days to exercise the right of objection.
Right of withdrawal:
If for any reason the Insured wishes the cancellation of the insurance policy he has concluded, regardless of the aforementioned reasons for the right of objection, he can! The procedure that must be followed is to fill in the special Withdrawal form that exists in his insurance policy and to send it by registered letter to the insurance company.
In the case of non-life insurance that lasts for one year and personal insurance, it has a margin of 14 days from the date of signing the receipt of the insurance policy and for individual life insurance 30 days respectively.
Of course the right person to advise you on your rights but also on how to exercise them is your Insurance Agent. In fact, in the context of the legislation and the implementation of the IDD directive, it is obliged to inform you about it upon delivery of the respective contract. So any question you do not hesitate to express it as soon as it arises!
We are here for you.
Ask us. We know.
Sources www.insurancedaily.gr and www.nextdeal.gr
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