What is the cost of insurance after cancellation?

Has your insurance policy been canceled by an insurer? If so, you may find it difficult to get new insurance from a traditional insurance company. Fortunately, you can always turn to De Vereende Insurance Company. But what exactly are the costs of insurance after a cancellation? We’ve broken it down for you below!

Why is the cost of insurance after cancellation so high?

The cost of insurance after a policy cancellation may be slightly higher than you’re used to. This is because Vereende does not have fixed premium rates. They review each situation individually and then provide a customized quote. The final cost depends on the type of insurance you want to purchase and your payment and claims history. There are, however, a few costs you can take into account in advance:

A higher premium than with a regular insurance company

When it comes to insurance, the rule is generally: the higher the risk, the higher the premium. This is also true for the insurance company De Vereende. In cases of fraud or non-payment, for example, the risk is too great for a standard insurance company. That is why they often refuse to insure you. De Vereende specializes in insuring special risks, which is why the premium is also higher than at regular insurance companies. As a result, the costs for insurance after termination are higher than usual.

You must pay three months' premiums in advance

When you take out insurance with Vereende, you are often required to pay three months’ premiums in advance. This applies if you choose monthly payments instead of quarterly, semi-annual, or annual payments. This is because, when you take out the policy, the bill for the following month may have already been sent to existing policyholders. As a new policyholder, you will not have received this bill. To prevent being listed as a delinquent payer, you pay the first three months in advance. This also prevents any misunderstandings. After these three months, you can simply choose to pay the premium monthly.