Tool
Refund of premiums
How much do I get back if I cancel my insurance?
You sell the car, you found a cheaper policy, or you no longer need the cover. See how much you get back.
- You get back the premium of the days you did not use, in proportion to the days.
- A yearly policy of €320 cancelled on day 150 returns about €188. What the insurer keeps, such as the policy fee, the terms say.
- For a car the rule is set by decree 237/1986; for other insurance, by the terms of the policy.
Calculate
How you cancel
You send a written notice to the insurer, by email or through its website, and state the day the contract ends. No reason is needed. For a car, the policy also ends with the transfer of the car or with the deposit of the plates. Keep the notice and the reply of the insurer.
Take out the new policy first, and cancel the old one after, so that not one day passes without insurance.
How we work it out
We count the calendar days from the start to the end, and from the start to the day of cancellation. The refund is the premium times the days left, divided by the days of the period. A policy of 320 euros for 365 days, ended on day 150, returns 320 times 215 divided by 365.
Article 8 of law 2496/1997 says how an insurance contract ends, not what is returned. For a car, decree 237/1986 says you may terminate at any time, by a letter sent electronically or by fax, and that the notice takes effect on the day the insurer receives it (article 11a, as law 4261/2014 changed it). On a transfer the contract ends 30 days later and the insurer returns the unearned premium (article 8, as law 3746/2009 changed it). For any other cancellation, the terms of the policies give the refund; Hellas Direct, for example, writes “we will return the unearned premium to you”.
Sources
- Law 4261/2014, article 169: the new article 11a of decree 237/1986, ending a motor policy, 2014
- Law 3746/2009, article 36: the new paragraph 2 of article 8 of decree 237/1986, the contract ends 30 days after the transfer, 2009
- Hellas Direct, Όροι Ασφάλισης Οχήματος, ενότητα 5: υπαναχώρηση, εναντίωση, καταγγελία και μεταβίβαση, Σεπτέμβριος 2025
- Law 2251/1994, consumer protection, article 4θ, distance contracts for financial services, 1994
- Law 2496/1997 on the insurance contract, article 8, term and end of the contract, 1997
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Frequently asked questions
What people usually ask
01 Can I cancel within the first 14 days?
If you bought at a distance, yes, under article 4θ of law 2251/1994. Within 14 days you withdraw, the policy counts as never made, and you get back the whole premium. The terms of Hellas Direct, for example, return it within 30 days.
02 I am selling the car. What happens to the insurance?
On the transfer the contract ends by itself 30 days later, and the insurer returns the unused premium, under article 8 of decree 237/1986 as law 3746/2009 changed it. If the buyer takes out a new policy, the old one stops sooner. Tell the insurer at once, with the transfer document.
03 Is the policy fee returned?
The terms of your policy say. The policy fee is the cost of issuing it. Ask what exactly the insurer keeps before you send the notice.
04 When do I get nothing back?
If the policy has expired, no days are left. If you pay by the month or the quarter, few are. And when the insurer terminates the contract for a false statement, the terms may return nothing.
05 How fast does the money come?
The terms of your policy say. For a withdrawal, the terms of Hellas Direct give 30 days. If it is late, send a written reminder with the date of your notice.