Last checked: 09/03/2020

Insurance products

Affected by Brexit?

Insurance companies can sell their products anywhere in the EU – either by establishing themselves in other countries, or providing their services across borders directly, for example via their websites, or through intermediaries.

You can therefore shop around the European market for the best deals on insurance products (for example, life insurance, household insurance, and car insurance).

This only concerns private insurance and occupational pension funds and not your social security and statutory pension rights relating to your work history.

Insurance products may be sold either by insurance companies directly (often through websites), through insurance intermediaries (brokers, agents) or by businesses such as airlines, travel agencies, opticians or sellers of electronic appliances. Sellers of insurance products have to give you certain essential information about themselves and the insurance product before you sign a contract.

Key information so you can understand what you're buying

Before you sign up for an insurance product, you should receive a standardised information document, known as an "Insurance Product Information Document". This document will help you understand what you are buying and allow you to compare offers for similar insurance products from other insurers.

These rules do not apply to life insurance products.

The document you receive should be short (no more than 2 sides of A4), clearly written and explain the following:

the name of the insurance product and the insurance company providing it

the type of insurance

what is insured

what is not insured

any restrictions in terms of cover

your obligations

when and how you have to pay

when the cover starts and ends

how you can cancel the contract

Before you sign a contract the person or company selling the insurance product must also tell you whether they're acting as an agent or broker and about their links to the insurance company providing the product. For example, they have to tell you whether they receive commission from the insurance company to sell their products.

Buying goods or services together with an insurance product

When you are offered a non-life insurance product together with another product or service – such as car insurance with your new car, or accidental damage insurance with your new laptop – you always have the right to buy the product or service without the insurance policy.