Since the Lagarde law in 2010, it is possible to choose a loan insurance offer different from that offered by the bank. By opting for insurance external to your bank, the rates can be half as high. In the event of termination agreement, your initial insurer has 10 working days to modify the loan contract by amendment.
In January 2024, the average cost of borrower insurance represents 25 to 33% of the total cost of credit. Very often, it is imposed by the bank. To better understand its usefulness, this guarantee must cover part, or even all, of the installments of your loan in the event of a disaster. The insurance rates applied by banks vary from 0.23% for 25-35 year olds to 0.70% for those over 70. But by opting for external insurance, with equivalent guarantees, the rates range from 0.07% to 0.42% respectively! You are therefore fully able to lower your contributions and thus save money.
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Choose an insurance that suits you, not an imposed insurance
Whether for borrower insurance or for home or car insurance, it is strongly recommended to compare market offers by observing their cost and the extent of the guarantees offered. Since the introduction of the Lagarde law in 2010, it is possible to choose a loan insurance offer different from that proposed by the bank. This law was supplemented by the Hamon law in 2014, the Bourquin amendment in 2017 then the Lemoine law in 2022.
Thanks to these laws and this amendment, the delegation of loan insurance has been greatly simplified. The primary goal was to put an end to the bancassurance monopoly, but above all to set up a system that was more economically advantageous and more protective for the credit insurance subscriber.
Bring on the competition!
Borrowers must have the reflex to negotiate the insurance offered by the bank and/or replace it with an alternative contract. UFC-Que Choisir reminds him: “For a consumer aged 45 who has borrowed 250,000 euros over 20 years, the insurance taken out with the lender represents, on average, almost 80% of the amount of interest. Thus, by leveraging competition, this same consumer can save up to 11,000 euros over the entire duration of their credit, depending on the new insurance they have taken out.
“In detail, the gains are massive for all profiles. They vary from more than 6,500 euros for a 65-year-old consumer to around 15,000 euros for a 35-year-old borrower”, supports the association. The latter also offers a calculator to estimate the amount of savings possible by changing borrower insurance.
Do I need to obtain approval from my bank to change insurance?
However, the Service-public website reminds that before changing insurer, you must absolutely obtain approval from your bank. The latter has the right to verify that the new contract to which you wish to subscribe complies with the level of guarantee of its initial insurance. The steps are as follows: you must send your insurer a request for termination by act of a court commissioner. You will need to send an insurance substitution request to your bank. Please note that in the event of refusal from your banking institution, the reasons must be specified. Conversely, in the event of agreement, the bank has 10 working days (after receipt of your request) to modify the loan contract by amendment.
Marie BOUISSEREN pour TF1 INFO
2024-03-14 08:59:56
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