Aviva is one of the UK’s largest insurance companies known for providing a range of insurances, including home, car, life, and travel insurance. However, many of its customers might not be aware of its refund policy. In this article, we’ll discuss everything you need to know about Aviva refunds.
[[Aviva refunds]] policy
Aviva offers refund policies for its customers who cancel their policies before the end of the term. The company’s refund policy varies depending on the type of insurance policy in place. For example, home insurance customers may receive a refund of the premium paid minus any non-refundable fees, such as administration charges or flat-rate fees.
Car insurance customers who cancel their policy early may also be eligible for a refund, depending on several factors. Medical conditions and legal disqualification may impact customers’ refunds in such cases. Customers who cancel their policy after making a claim may not be eligible for a refund.
Life insurance customers may also receive a refund, with the amount depending on the type of policy in place. Customers who have a level term policy or whole-of-life policy may receive some refund if they cancel their policy within the cooling-off period or if the policy is mis-sold. However, customers with decreasing term policies are usually not entitled to refunds since the policy value decreases with time.
Travel insurance is a policy that usually has a short duration, usually less than a year. Travel insurance customers who opt to cancel their policy before the trip or after policy purchase may be eligible for a partial refund or full refund minus any non-refundable fees. However, customers who cancel their policy during the trip may not receive any refund.
Aviva provides its customers with access to its customer portal, where they can manage their policies, including cancellation and refund requests. Customers who cancel their policies using the portal must consider the product’s terms and conditions for refund eligibility. Alternatively, customers can call the Aviva helpline to proceed with the cancellation and refund request. Once the cancellation process is complete, the company will initiate the refund process, which usually takes several working days to reflect.
The amount refundable depends on several factors, including the policy’s duration, amount paid, and the refund policy. Customers who cancel their policy within the cooling-off period, usually within 14 days of policy purchase, will receive a full refund of the amount paid. However, customers who cancel their policy outside the cooling-off period are typically subject to some deductions, such as non-refundable fees and charges.
When making a refund request, customers must provide essential details that include the policy number, reason for cancellation, and contact details. For customers with ongoing claims, Aviva considers whether any refund is appropriate by deducting the amount paid for the claims period duration.
In some cases, Aviva may also cancel a customer’s policy due to reasons such as fraudulent activity, non-payment of premiums, or increased risk. Cancelled policies are subject to a refund, usually determined by the policy terms and conditions. However, customers may lose all premiums paid if they intentionally provided incorrect information or if they had a claim that had been voided.
Conclusion
Aviva’s refund policy is an essential aspect of its insurance packages that customers need to know. Although different policies have different refund eligibility criteria, customers can receive full or partial refunds for cancelling their policies before the end of the term. Understanding the refund policy, including the cooling-off period and non-refundable fees, is essential to avoid any undesirable deductions. Furthermore, customers who have ongoing claims may not be eligible for refunds, depending on the type of claim and policy in place. By knowing and understanding the company’s policies, customers can make informed decisions and avoid any unpleasant surprises.