These Insurance terms apply from 1st July 2022. Please click here to see the previous Insurance terms that apply until 1st July 2022.
My insurance purchase with Revolut
1. Why these terms are important
These terms set out Revolut's role and responsibilities when you buy insurance through the Revolut app as a Revolut user.
They are your legal agreement with us for this service. They tell you:
- how Revolut is responsible for enabling you to buy insurance products through the Revolut app; and
- how Revolut's chosen insurance partners are responsible for the actual insurance which you choose, and for helping you with any claim you make.
2. About us
In these terms, 'we' and 'us' means Revolut Insurance Europe UAB.
When you buy insurance through the Revolut app, we are responsible for introducing you to our insurance partner and for collecting the amount you pay for your insurance, as described in these terms.
Revolut Insurance Europe UAB is enrolled by the Bank of Lithuania on the list of insurance brokerage undertakings, i.e. we are authorised to distribute insurance products. This list can be found on the website of the Bank of Lithuania.
Revolut Insurance Europe UAB is registered with company number 305910164 and has its registered office and head office at Konstitucijos ave. 21B, 08130 Vilnius, the Republic of Lithuania.
3. Buying insurance through the Revolut app
When you buy insurance through the Revolut app, we will:
- introduce you to our insurance partner for the relevant insurance product;
- provide you with access to the 'Insurance Product Information Document' (prepared by the relevant insurer, which sets out details of your insurance product) and other useful information, including, but not limited, rights and obligations of the parties before you buy your insurance product, rights of the insurer, where you do not follow the terms set out in the insurance policy, information about possible cases of increased insurance risk (if any), information on the law applicable to insurance policy;
- provide the route for you to find the insurance product when you use the Revolut app (subject to availability) so that you can agree to buy it;
- provide the information about cost of insurance provided by our insurance partners;
- collect the cost of your insurance product from you and in turn pay our insurance partner for your insurance cover as described further in these terms;
- issue an individual insurance policy on behalf of the relevant insurer; and
- provide you with ongoing access to the documentation for your insurance product (including the insurance policy between you and our insurance partner) via the Revolut app once you have bought it.
By submitting the information required for the purposes of insurance contract through Revolut App you confirm the intention to enter into such insurance contract through Revolut Insurance Europe UAB.
Once insurance is bought by you, your insurer will be directly responsible to you for:
- handling any claim you make; and
- making any payments to you after a successful claim.
We shall not be liable for the performance of any insurance entered through us and we shall not be liable if our insurance partner fails or defaults on its obligations under any insurance contract entered with you, including if the insurer is unable to meet its obligations under any such insurance contract.
4. How we collect your payment
To buy insurance through the Revolut app, you must have a payment account with Revolut Bank UAB, a Revolut group entity who will provide you with underlying payment services. We call this your “Revolut account”. When you pay for an insurance product, Revolut Bank UAB will debit your account for the amount of your insurance product and make the payment to Revolut Insurance Europe UAB. Revolut Insurance Europe UAB holds your payment as an insurance broker of our insurance partner, meaning your insurance is effectively paid for without delay when we collect the money from your account. Similarly, if you are entitled to a refund at any point, this money becomes yours when Revolut Bank UAB actually pays it to you. The payment services element provided by Revolut Bank UAB is reflected in the Revolut Bank UAB Personal terms. As a Revolut user, you have rights and obligations under the Personal terms that apply to your Revolut account in relation to the payment services element provided by Revolut Bank UAB.
We agree with our insurance partners that they pay us as commission for our services bringing them together with interested customers. If the type of policy we sell reaches specific profit targets, the insurer may also pay us part of that profit. This means that we act on a basis of the mandate from our insurance partners and not you, however we always take into account your interests. You do not pay us a fee for doing this.
5. Our insurance partners
At present our insurance partners are:
- Insurance agent simplesurance GmbH, address: Am Karlsbad 16 10785 Berlin, Germany, email address: email@example.com (underwritten by non-life Insurance company Allianz Global Assistance, AWP P&C S.A. – Dutch branch, address Poeldijkstraat 4, 1059 VM, Amsterdam, email address: firstname.lastname@example.org).
We may update the list of our insurance partners from time to time.
We do not have any holdings, direct or indirect, representing voting rights or any capital in our insurance partners. Our insurance partners and their parent companies do not have any holdings, direct or indirect, representing the voting rights or the capital in us. Our insurance partners are not members of the Revolut corporate group. In addition, we are not under a contractual obligation to conduct insurance distribution business exclusively with the above mentioned insurance partners. We simply choose them because they provide insurance products which we think our customers may find useful. We don't advise you on whether a particular insurance product is appropriate for your needs and circumstances, but we do provide you with information about these insurance products which should help you make this decision. We also don't provide our staff with incentives for selling insurance products.
6. What if something goes wrong?
How to make a claim under your insurance
To make a claim under your insurance, you will need to contact our insurance partner directly. You can find out how to do this in the insurance section of the Revolut app. Full details are also set out in your insurance policy, which is accessible on the Revolut app after purchase.
Complaints about your insurance product
If you want to make a complaint in connection with the insurance product you buy, or in connection with any claim you make for payment under your insurance, you will need to contact our insurance partner directly. Full details of how to do so are set out in the insurance policy they provide to you.
Complaints about our service
We always do our best, but we realise that things sometimes go wrong. If you (or any other interested party) have a complaint, please contact us. We will accept and consider any complaint sent by you to us. Our final response to your complaint, or a letter explaining why the final response has not been completed, will be sent to you within 15 business days of your complaint has been made, and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).
If you'd just like to speak to someone about an issue that's concerning you, please contact us through the Revolut app. We can usually settle matters quickly through the app. You’ll probably need to give us the information below.
You can make a complaint using an online form, or by email at email@example.com.
However you make your complaint, you'll need to provide the following information:
- your name and surname;
- the phone number and email address associated with your Revolut account;
- what the issue is;
- when the problem arose; and
- how you'd like us to put the matter right.
Your complaint will be investigated and you'll get a response by email. We will communicate with you in English or Lithuanian, unless we tell you otherwise.
There are no other guarantee funds or other consumer compensation mechanisms established to protect your interests other than provided to you in this agreement.
Complaints resolution by the Bank of Lithuania
If you are unhappy with how we have dealt with your complaint, you can refer it to the Bank of Lithuania within 1 (one) year of the date we sent (or should have sent) our final response to you. In this case the Bank of Lithuania would act as an out of court dispute resolution authority dealing with disputes between consumers and financial service providers.
Their address is: Žalgirio str. 90, 09303 Vilnius, the Republic of Lithuania.
You can find more information on their website.
Please note that should you wish to have a possibility to apply to the Bank of Lithuania as to the out of court dispute resolution authority, then you shall make your complaint to us within 3 (three) months from the day that you found out or should have found out about the alleged violation of your rights or legitimate interests arising from the contract with us. Irrespective of the above, you always have the right to approach the Bank of Lithuania as our supervisory authority in relation to any complaint about our service. You also have the right to apply to any competent court if you think we have breached the law. You can also file a complaint to the respective out-of-court dispute resolution authorities that handle consumers’ complaints in your country in relation to the financial services provided by us. The list of such authorities can be found here.
How to make a claim under your insurance
To make a claim under your insurance, you will need to contact our insurance partner directly. You can find out how to do this in the insurance section of the Revolut app. Full details are also set out in the insurance policy they provide to you.
7. We can change these terms
We can change these terms:
- if we think it will make them easier to understand or more helpful to you;
- to reflect a change in the way our business is run, particularly if the change is needed because of a change in the way any financial system or technology is provided;
- to reflect legal or regulatory requirements that apply to us or our services;
- to reflect changes in the cost of running our business;
- to reflect changes in our chosen insurance partners;
- because we, or our insurance partners, are changing our products or services or introducing new ones; or
- to reflect any transfer of our business to another Revolut group entity.
We will give you at least two months' notice of any change, through the Revolut app, by text message or in an email.
8. Legal bits and pieces
Information provided by you when purchasing insurance is required for the purposes of selling you insurance, including to calculate insurance premium, to conclude an insurance contract. The information provided by you must be correct, accurate and complete. By submitting information to us, you confirm that you are the subject of the personal data provided or are otherwise entitled to provide such data, and that the information provided, including personal data, is accurate and correct. Your data provided to us for the purpose of insurance shall be processed primarily for the purpose of our insurance mediation activities.
We will not verify the accuracy of the information provided by you. The correctness and accuracy of this information is your responsibility.
Incorrect information provided to us may prevent our insurance partners from concluding an insurance contract with you. Due to incorrect information insurers may impose a higher premium and, in the event of an insured event, may not pay the insurance benefit or reduce the insurance benefit. Inaccurate data may invalidate the insurance contract concluded with you. You are solely responsible for such consequences arising due to incorrect information submitted to us. If we or third parties suffer losses due to incorrect information provided by you, as well as incorrect, inaccurate or inaccurate personal data, we or such third parties must be compensated by you.
Permission for us to process your personal information
Our contract with you
- you; and
- us, Revolut Insurance Europe UAB.
Only we (Revolut Insurance Europe UAB) and you have rights under this agreement. This agreement is personal to you and you cannot transfer your rights or obligations under it to anyone else.
We can transfer our rights and obligations but only if we reasonably think this won't have a significant negative effect on your rights under these terms, or if we need to do so to meet any legal or regulatory requirement. You will be able to terminate your Revolut account with us upon notification about the transfer.
If your Revolut account is cancelled
Insurance policies distributed by us are only available to Revolut account holders. If at any point your Revolut account is deactivated or is in the process of deactivation, all insurance coverage will be cancelled.
Lithuanian law applies
You and we hereby confirm our choice that the laws of Lithuania apply to these terms and conditions, which govern the relationship between you and us as an insurance intermediary. Despite this choice, you can still rely on the mandatory consumer protection rules of the EEA country where you live.
The English version of the terms applies
If these terms are translated into another language, the translation will be for reference only and you confirm that the English version will prevail. Unless we tell you otherwise, communications between us and you will also be in English, and claims will be handled in English.