Change your loan insurance: it is only possible for twelve months, once a year, regardless of the age of your contract. In a decision published on January 12, 2018, the Constitutional Council validated this right, introduced in a law of 2017 by the famous “Bourquin amendment”.
Since 2010, banks had already been banned from imposing their home insurance when at the time of signing the loan, their clients wanted to go through an external insurer (“In delegation”).
In 2014, consumers were granted the right to cancel this insurance at any time during the year following the signing of the credit. Subsequently, in the first quarter of 2017, the possibility of annually canceling new contracts was opened, two months before their anniversary date.
On January 1, 2018, the extension to the old contracts, confirmed a few days later by the Sages, came to complete the legislative process of opening the borrower insurance market, aimed at increasing competition and lowering prices .
Result, a year later? The use of delegation is “Weaker than expected”, answers Magnolia.fr, who designs a “A slightly mixed evaluation” of these twelve months of law enforcement. This broker specializing in loan insurance explains that it has registered about 4,000 “Bourquin” customers in the period. “This is not the expected tidal wave, it will take several years to become a reflection”, underlines Astrid Cousin, his spokesperson.
In discussion, according to the broker: “A lack of information and pedagogy”. Estimates that half of its customers are now insured firsthand (having opted for delegation insurance as soon as the credit has been signed), a quarter benefits from the right of withdrawal in the first year and a quarter of the benefit from the Bourquin amendment.
Show that the resolution has not yet entered the costumes: “Our clientele is largely an informed public, expert in this type of approach”explains Mrs. Cousin. “More than nine out of ten of our customers say they already know their insurance rate before changing it, which is quite rare among traditional borrowers.”
Banks hold the market
“If the figures for 2018 have not yet been released, the bank obviously maintains a large part of the market, the rebalancing will take several years”, notes Jean-Sebastien Nénon, director of operations at LesFurets.com.
“We did not expect the market to be transformed in twelve months”He adds. “On the other hand, it should have changed considerably in 3 or 4. The fact that the insurers therefore represent 50% of the signed contracts seems a reasonable target at the moment, the same process took place with the Hamon Act. in 2014, which made it possible to rescind the car or home insurance at any time after the first anniversary, for contracts stipulated starting from 1 January 2015. It is above all today, four years later, its effects are dazzling . “
For the Magnolia.fr broker, the halftone balance is further explained by “The uncertain practices of banks to illegitimately deny a large number of requests for delegation – absurd letters of refusal, incessant round-trip trips between the bank and the borrower, missed response times”.
Refusal from 70% to 25%
“At the beginning of the year, we received about 70% of the waste from the banks, many of which were unjustified, some of which were related to the vagueness around the anniversary date of the contract, others were simply aberrant, see, for example, this reply sent at the end of July by Credit Agricole: “After analyzing your file, we confirm that you are benefiting today from a group contract of good quality both qualitatively and financially. Therefore, we can not give a favorable answer to your request.“ “
“We had to get organized, set up a legal office and offer our clients free cancellation procedures for them”, continues Astrid Cousin. “If today the rate of rejection is only 25%, and it is above all now the legitimate refusal, the unlikely answers have not disappeared.We send them to ACPR, the Prudential Supervisory Authority.We believe that more bank checks intensive on its part would be effective. “
In the end, 21% of customers who took out insurance via delegation via Magnolia.fr in 2018, said their actions took place “Easily, there’s nothing to do”49% “Pretty good, I was accompanied” and 30% “Almost”, relying mainly on a bank “Reluctant”, says the broker in his budget.
What economy did they achieve? More than 10,000 euros for 13.5% of them, between 5,000 and 10,000 euros for 16.2%, between 1,000 and 5,000 for 41.9%, between 500 and 1,000 euros for 28, 4% (savings on total duration of the loan, if completed). How did they know about this right? 70% from the media, 18% from their relatives, 9% from a broker, 3% from the bank.