What happens if I do not pay my insurance premiums on time?
June 27, 2023 | 45,00 EUR | answered by Katrin Sontheimer
Dear Insurance Lawyer,
I am reaching out to you because I am currently in a financially difficult situation and I am worried about what could happen if I do not pay my insurance premiums on time. My name is Alwin Voss and I have private health insurance, liability insurance, and disability insurance.
Due to unforeseen expenses, I have had difficulties in recent months in paying all my bills on time. Now I am wondering what consequences it could have if I do not pay my insurance premiums on time. Is it possible for my insurances to be cancelled? What will happen to my insurance coverage then? Could there be legal actions taken by the insurance company?
I am very concerned that in the event of illness, accident, or occupational limitation, I am not adequately covered if my insurances are cancelled due to payment arrears. Are there options to defer premium payments or to arrange for installment payments to maintain my insurance coverage?
I would greatly appreciate it if you could provide me with information on my rights and obligations in this situation and suggest possible solutions. Thank you in advance for your support.
Sincerely,
Alwin Voss
Dear Mr. Voss,
Thank you for your inquiry regarding your insurance premiums in your financially difficult situation. It is understandable that you are worried about what could happen if you are unable to pay your insurance premiums on time. Especially with important insurances such as private health insurance, liability insurance, and occupational disability insurance, it is important to maintain insurance coverage.
If you do not pay your insurance premiums on time, this could have various consequences. Typically, insurance companies have the right to terminate the contract if the premiums are not paid. This could result in you losing your insurance coverage and not being protected in case of a claim or illness. Therefore, it is important to make the payments as soon as possible or to contact the insurance company to find solutions.
There are usually options to defer premium payments or arrange for installment payments to maintain insurance coverage. It is important to contact the insurance company early and explain your financial situation. The insurance company can then assess whether deferral or installment payments are possible and make appropriate arrangements with you.
It is advisable to seek legal advice in this situation to understand your rights and obligations. A lawyer specializing in insurance law can help you clarify your situation and suggest possible solutions. It is important that you take action and do not simply not pay the premiums, as this could lead to serious consequences.
I hope this information is helpful to you and I am available for any further questions. Please do not hesitate to contact me if you need additional support.
Sincerely,
Katrin Sontheimer
Insurance Lawyer
