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HomeECONOMYHedvig challenges binding periods on car insurance via loopholes

Hedvig challenges binding periods on car insurance via loopholes

Hundreds of Swedes turn to Google to find out how to cancel or change their car insurance. Most insurance companies have a notice period where the standard is a one-year commitment period. The insurance company Hedvig, which launched its car insurance service earlier this year, has chosen to exclude binding periods on its policies. At the same time, the company is now urging the public to use a loophole to get out of their old insurance.

The question of how to cancel or change your car insurance usually leads to the answer that you are locked into your car insurance for a number of months due to a binding period. The only way to get out of a lock-in period is through scrapping or via a change of ownership.

Binding times are an excuse

Hedvig is now launching a guide to easily make a temporary change of ownership and thus be able to change insurance a little faster. The background to the initiative is that Hedvig believes that commitment times are an excuse for not being good enough.

– We do not believe in holding our members by force, but simply offer them a product and service they want and like. The same of course also applies to our car insurance. With this initiative, we hope that more people in the industry will dare to challenge the old view of long commitment times,” says Lucas Carlsén, co-founder and CEO, Hedvig.

Change of ownership – this is how it works in practice

  • Write over the car – make a change of ownership using the Swedish Transport Agency’s app. It is important to sign the car over to someone you trust.
  • Write the car back – After approx. 2-3 working days, the temporary owner receives ownership papers for the car. Then the old insurance has been canceled and you can write the car back on yourself again via the same app.
  • Free to choose a new insurance company.

In connection with the launch of the guide for change of ownership, Swedes who are stuck in binding periods can compete to be allowed to sign over their car temporarily to Hedvig’s CEO Lucas Carlsén. You can read more about Hedvig’s new car insurance on Hedvig’s website, hedvig.com.

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