It's a measure that, on paper, should do your wallet good. In any case, it was voted as part of the law of 16 August 2022 on emergency measures for the protection of the purchasing power of the French. From this Thursday, June 1st, it will be mandatory to be able to cancel online, in three clicks, an insurance contract as soon as it can be concluded at that time electronically on the company's website.
A provision that applies to future contracts but also to those in progress for car insurance, home insurance or complementary health. But also affinity insurance, those that are taken out in addition to the purchase of a good or service, sometimes even without really realizing it. Companies that do not comply with this obligation may be fined up to €75,000.
No more unanswered emails, deaf dialogues on the phone or expensive registered letters when we have tried everything: the obstacle course that sometimes represents the termination of this type of contract for the French will in theory end.
And by making it easier for consumers to switch insurers, governments are giving them the opportunity to compare rates, compete and save money.
Energy and telecoms contracts will have to follow
In concrete terms, insurance companies, pension funds and mutual insurance companies must provide consumers with a free, permanent, direct and easy-to-access feature called "terminating your contract". A similar formula may be used but it must be "unambiguous" so as not to mislead the consumer.
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Once the process has begun, the insured must provide his name and surname, a means of contact, the reference of the contract, the reason for termination and the date. A general summary of the conditions and consequences of this operation is then presented to the contract holder. After reading it, the insured will only have to click on "confirm my cancellation request".
This functionality, currently only imposed on the insurance sector, should be extended by decree to new services in the coming months. This would concern energy contracts (electricity, gas, etc.) and telecoms contracts (telephony, boxes, etc.).