Multi-year non-life policies

MULTI-YEAR NON-LIFE POLICIES

What are the terms and conditions to terminate a multi-year policy?

For contracts concluded after 15 August 2009, the date of entry into force of Law 99/2009, if the contract exceeds five years, after five years, you have the right to terminate the contract at its anniversary, giving advance notice of 60 days and with effect from the end of the yearly instalment in the course of which the option is exercised (see art. 1899 Italian Civil Code).

Is it true that if I take out a multi-year policy I can get a discount?

Yes, if the undertaking proposes multi-year coverage, it must apply a premium reduction compared to that for the same coverage with duration of one year. The discount must be clearly indicated in the policy and evidence must be given that the right of withdrawal cannot be exercised for the first five years.