On January 31, 2020 the time has finally come: Great Britain is leaving the EU. It was thought that it would behave like the construction of the new Berlin airport: They say it’s finally done, but then somehow not. How does Brexit actually affect your insurance policies that you may have with a British insurer? What do customers of the major British insurance company Standard Life need to know about Brexit? You will find out all of this in this article
What happens to your UK life insurance?
Even if panic has spread in many places, nothing will change for insurance customers who have taken out life insurance with a British insurer. At least not until the end of the transition phase on December 31, 2020. Until then, all insurers in Great Britain must comply with the previous EU-wide regulations.
What happens after December 31, 2020?
If your British insurer, such as Standard Life, has already transferred its contracts to so-called third-party branches or subsidiaries, then everything is still OK for you.
Standard Life has transferred the customer contracts to a subsidiary in Ireland. And since Ireland is still a member of the EU, the rules of the EU will continue to be followed. Brexit will have no effect on you here.
If your insurer has not done so, please inform yourself proactively with the insurer what will happen to your contract on December 31, 2020 and what Brexit means for you as an insurance customer. However, it can be assumed that all insurers have taken appropriate measures for Brexit, such as Standard Life.
Car insurance – the green card
If you are driving your car outside of Germany but within the EU, you usually have unlimited insurance coverage in these countries as well.
This will remain the case during the transition phase until December 31, 2020. You don’t need the so-called “Green Insurance Card” in Great Britain either.
Carry the “green card” with you after the transition phase
There is no official information here yet, but the UK authorities could then ask for proof of what yours from 01/01/2021 Motor vehicle liability insurance coverage concerns when traveling in the UK.
This would then take place via the said “green card”, which is accepted as evidence in many non-EU member states.
Interesting to know:
The so-called license plate agreement applies within the states of the European Economic Area (EEA), i.e. EU, Norway, Iceland, Liechtenstein, as well as in Serbia and Switzerland. A valid vehicle registration number is accepted as sufficient proof of vehicle liability insurance.
Where can I get the “Green Insurance Card”?
You can get the “green insurance card” as proof of motor vehicle liability insurance free of charge from your respective insurer. Simply call there and have it sent and then put it in the glove compartment.
Let’s take a look at a few other insurance companies that one might suspect that Brexit will result in changes for insurance customers.
In particular, that would be Travel insurance , private liability insurance and private accident insurance.
These insurances per se have worldwide coverage. This means that the insurance companies will of course continue to take effect should something happen to you here in Great Britain – with or without Brexit.