Basic insurance rules in Spain


The insurance system in Spain consists of compulsory and voluntary insurance and is regulated by the insurance law, namely Ley 50/1980, de 8 de octubre, de Contrato de Seguro and Ley 20/2015 de 14 de julio de Ordenación, Supervisión y Solvencia de las Entidades Aseguradoras y Reaseguradoras. It must be borne in mind that the private insurance system is tightly tied to the social institutions of the kingdom, to the Seguridad Social, covering up the imperfection of the system.

Duration of the insurance contract.


When concluding an insurance contract in Spain, it must be taken into account that the insurance contract is concluded for a period of 1 year, with subsequent AUTOMATIC renewal. The exception is travel insurance. There is no provision for the issuance of a new agreement for the next and subsequent period if there is no change in the risks covered.


Check contract renewal date

To check the date of renewal of the policy in the contract, look for "Fecha de vencimiento"




Contract update


Two months before the renewal date of the contract, your insurance company must notify you in writing of its intention to continue or terminate the contract.


Closing the policy


To terminate the insurance contract, the insurance company must be notified at least 31 days before the annual renewal date, otherwise the contract will be automatically renewed for the next year. To do this, you must write a statement and send it signed to your insurance company, along with an identity document.