Affinity insurance, what you need to know

Definition of affinity insurance

At the time of its creation, Affinity insurance Defined as a guarantee specifically covering a group of people, for well -defined activities. For example, it could be bikers, boats, expatriates or golfers …

Today, this type of insurance has a very different meaning, since it is a guarantee extension related to a product or service. As a general rule, it is not distributed by a company whose insurance is the profession and it does not constitute The main reason for the purchase made by the Customer.

These guarantees of insurance, assistance or annex service are very often offered in the world of high-tech products, in order to protect them against theft, breakage or oxidation: smartphones, laptops, touch pads … household appliances and televisions are also concerned.

But services can also be accompanied by affinity insurance. This is for example the case of plane or train journeys, stays sold by a travel agency or even musical or sports events.

The different types of affinity insurance

There are several categories of affinity insurance products:

• Warranty extensionwhich generally consists in extending the duration of the guarantee of a product. This insurance may provide for repair, replacement or reimbursement of the product, depending on the clauses.
• Cancellation insurancewhich allows you to obtain the refund of a plane ticket or a concertal place, for example, in the event of cancellation.
• The guarantee against theft or breakagevery widespread for computer equipment and high-tech objects.
• The assistance contract For leisure activities or electronic products.

What are the advantages of affinity insurance for the insured?

Subscribing affinity insurance can be advantageous in certain situations, such as buying a television or household appliances. Indeed, this type of product has a legal warranty protecting the consumer against non-conformities and hidden defects, but this coverage is limited over time.

The acquisition of insurance at the time of purchase thus makes it possible to extend the guarantee, but also to protect the object against other risks such as theft or breakage. Any repair costs are also provided for by this warranty extension.

What are the disadvantages of affinity insurance for the insured?

In some cases, the subscription of an affinity insurance contract may however have different drawbacks.

Unclear guarantees

THE Affinity insurance contracts are still too often presented with a certain lack of clarity: thus, the consumer does not really know what is covered by the extension of guarantee and what is not.

This is explained in particular by the fact that these contracts are not distributed by Affinity insurance specialistsbut by sellers who can only explain the content of the guarantee in broad outline. Thus, they can forget to explain certain exclusions, franchises and limits.

In addition, the salespeople devote a time limited to the presentation of the insurance contract, because their priority remains to sell a product or service. Without forgetting some deceptive commercial practices which consist in voluntarily omitting certain details on the affinity insurance subscribed.

A risk of duplicate

Last thing to know about affinity insurance, the guarantees subscribed are likely to duplicate with guarantees already held by the consumer within the framework of another contract: multi -risk home insurance, premium bank card, etc.

How to terminate affinity insurance?

In most cases, an affinity insurance contract is signed for a year with tacit renewal. After a year, it is therefore possible to send a insurance termination lettertaking care to respect a 2 month notice.

But it is also possible to proceed to the Termination of affinity insurance within the framework of the Hamon law. From one year after the contract subscribed, the consumer can request his termination at any time through a registered letter with acknowledgment of receipt, with compliance with one month's notice.

In addition, the law provides for a 14 -day withdrawal period After the subscription of an insurance contract. To benefit from it, the consumer is enough to fill and return the withdrawal slip provided for this purpose, which must be in contractual documents. The contract will be canceled and any costs or contributions paid will be fully reimbursed.

If it can be beneficial for the consumer in certain situations, affinity insurance also has significant drawbacks. Fortunately, this system is strictly supervised and certain devices such as the Hamon law greatly facilitate the termination of this type of contract.