Termination of travel insurance
When it comes to the termination of a travel insurance, individual and annual policies are to be distinguished first. With a single policy you get the hedge for one trip. The termination of such a single travel insurance is not required. The insurance cover automatically ends on the specified expiry date. In the case of a yearly policy, however, termination is required to terminate the contract .
For annual contracts, all trips you make during the insurance year are insured. Separate insurance contracts for a travel booking are therefore not required. The insurance contract usually provides for a term of one year from the conclusion of the contract. If the contract is not terminated by the policyholder on time, it will automatically be extended for another year. A termination of these annual contracts is usually possible at the end of the insurance year . If the period of notice stated in the contract is adhered to, usually 1 month before expiry, the insurance will not be extended. The termination can be sent to the insurer at any time. Reasons for termination need not be stated.
The termination should be sent to the insurer in writing . If the notice of termination is served on time, the insurance ends at the end of the insurance year. Until then, there is still the regular insurance coverage. You lose by a termination no claims from the insurance . This means that you continue to be covered to the specified extent if a loss event occurs within the contract period. If you have informed the insurer of the loss event, you can also receive benefits from the insurance contract after the contract has ended.
In addition to the ordinary termination, there is the extraordinary termination to terminate the contract. However, such a termination must be preceded by a special event. A special right of termination is granted to insured persons , in particular in the event of claims and premium increases .
You have a travel health insurance two years ago. In the current insurance year, you will reach the age of 65. Therefore, the insurer informs you that a premium surcharge will be charged. After you have been informed about the contribution increase , you have one month to exercise your extraordinary termination right. If this notice is not given, the contract will continue under the new conditions. A renewed contract is not required.
Termination by the insurer
In addition to termination by the policyholder, insurers also have the option of terminating the contract. But the insurer must also comply with notice periods . This is usually three months until the end of the insurance year. In the case of termination after the occurrence of a damage event, the deadline is one month.
Likewise, the insurer may terminate the contract if the payment of the insurance premium is not made . If the initial premium is not paid, the insurer may also withdraw from the contract. In the event of non-payment of subsequent contributions, the insurer may also pronounce a termination without notice after setting a payment period. This can result in the event of a damage event that you have to bear the costs yourself.
Avoid gaps in insurance when changing travel insurance
The termination of travel insurance usually requires a new insurance. In order to avoid an insurance gap when changing the insurance, it is advisable to cancel the old insurance shortly after the conclusion of a new insurance.
TIP: The change of travel insurance should not lead to insurance gaps and double contributions. Long-term planning is possible with the travel insurances of CosmosDirekt. The beginning of the insurance can be chosen up to 365 days in the future . This gives you the opportunity to conclude the new contract before termination of the old insurance contract. As a result, insurance gaps can be avoided.