Revolut Insurance SCAM! Beware!


I like Revolut and use it more… so I decided to try the new phone insurance feature a couple months ago.

I have received a new phone, sold the insured one and decided to cancel the insurance now.

Turns out it’s impossible to cancel the insurance, even if you don’t have the phone and don’t need the insurance anymore! You will be still charged for the whole year for a service you don’t use!

This is above all. Such a scummy insurance, it may be the fault of insurance company but I guess Revolut should check the services and companies they recommend. The particular insurance company is listed as a fraud on many review sites, they basically collect money and screw people off.

And it’s even against the law to force customers to pay for the unused service in my country.

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Hi there!

I’m really sorry to hear that. However,
I can see that you subscribed to a device insurance on the 21th of October. This is an annual contract lasting 12 months, and this is labeled in the app prior to accepting the subscription.

You can find your policy details in the Revolut app. Go to the ‘More’ tab on the main navigation bar, tap “Device insurance” and select “View policy”. You will also receive a confirmation email with your policy details once you have activated your insurance.

Moreover, on our FAQs it states:

Device insurance:

How do I pay for Revolut Device Insurance?

You can either pay per week or pay upfront for the whole year. You will receive a discount of 13% for the whole year if you choose to pay upfront!

If you pay upfront, the amount will be deducted from your Revolut balance as soon as you activate your insurance. If you opt to pay weekly, the first payment will be taken from your Revolut account when you activate your insurance.

The term for insurance is always 12 months and cannot be cancelled early.

Please don’t hesitate to contact us if you have any further questions.

Have a great day.


Andreas K

  • The policy is against a law. Customers can’t be forced to pay for unused service in Lithuania/EU.
  • It’s just a scummy business. Even I liked the Revolut, I won’t be using it anymore if this is an acceptable type of customer service/screwing.
  • I won’t be paying for the insurance anyway. I will empty my Revolut account and block it on my bank, report to the authorities if we need to go this far.


When you signed up to the insurance I am quite sure it states it’s a 12 month contract. So I expect when you allow that contract for 12 months, You’re expected to keep to 12 months.


I believe your assumption is wrong. You willingly agreed to the term of the contract. In European consumer law are some exceptions, though. Think of a land line. If you move for example and your service provider can’t offer the service at your new address, you can cancel your contract before the agreed term ends. But in this case, you

  • agreed to the terms when you signed up for the full year
  • it was your decision to sell the phone

To me, it sound like singing up for travel health insurance and then not going on vacation.

Having said that, I can see that one can make a case that it is not okay to tie an insurance contract to a device in the first place and that one should be able to “switch” devices if the replacement is similar to the one you signed up for, neither more expensive to repair nor older and therefore more prone to break. And I understand that this is frustrating. But I would suggest that you seek legal advice before running into trouble.


Correct, except I asked to end the contract, as I have sold the phone.
It’s against the law to refuse and force me to continue paying for the insurance I don’t need/use. Customer can break the contract at any time in EU. I will not get refund for the time I have used the insurance, but unused portion has to be refunded, if my case I just want to cancel future payments, as I had 1eur/week plan.

I don’t care about the policy, law is above the policy, and if Revolut wants to do business in EU, they better follow the EU law. I will be reporting this to authorities, if they will not solve the issue.


Hey there,

Before we continue, you seem quite upset which is fine but mind the emotive language, it could be taken the wrong way and appears a bit drastic.

I’m wondering what specific EU contract law you mean? From my understanding the phone insurance over monthly is essentially credit split into weekly segments to cover the cost of insuring the phone for the year?


I don’t think so. You can’t cancel your 24 month cellphone contract just by telling your provider that you don’t want it anymore for example. The contract term is binding as long as the other side fulfills its obligations.


This is what I was thinking, I can’t find the specific law this is attaining to although I am interested to read into it


Yes. That is how it is. It’s a 12 month contract, optionally paid in monthly installments.


I know for sure, because I had canceled phone contracts and car insurances before in Lithuania/EU. :slight_smile:


It is not the same for all insurance and bits like that though. If you canceled a phone contract a few months after joining it. For example after getting a phone out of it. They’d expect you to pay the rest of the phone or contract and might sting you with a fee.

Otherwise no one would pay for their phone contract in full :smiley:

Calling it a scam seems very drastic


There are some exceptions. Like the internet service provider regulation that I mentioned. When you move and your old provider can’t offer the service at your new address, you can cancel before the agreed term with a 3 month period for notifying the provider, end date would be the day you move out. And you need to proof the end of your lease, for example. But this is a very specific regulation that overrules an otherwise binding contract.


You pay full phone price or return the device.

And I’m fine that I will lose few dollars I have already paid, or have to pay an extra dollar on top for the difference.

Currently, I’m being scammed, as I’m asked to pay fully for future service I don’t need anymore.


Yeah exactly, I’ve used that one myself when I moved house and my old ISP wasn’t around. But overall day to day contracts are considered binding until exit and I don’t get why Original thinks overwise, googling trying to find an answer but not seeing one :frowning:


In this case, it is not a one-sided cancellation. If both parties agree, you can of course end a contract. Like you said, the phone company would make an offer and would tell you “please pay X EUR and we will terminate the contract before its end date.”


Here are all reviews about the Simplesurance. Only issues and scam reports.
So I don’t know if a reputable business would recommend services from a such company

I think, this tells a lot about the Revolut and how they handle their business and customers.


In Lithuania you can cancel any monthly service at any time given you haven’t used some kid of promotion/reduced price/sale. In this case the guy is right and policy is not above the law or even common sense.


It is not a monthly service! It is a 1 year contact.


So the end result is the same. I easily won the insurance dispute.

But damage has been done to the Revolut reputation. I will be publishing this story in Lithuania, how Revolut/Simpleinsurance tried to scam me and bypass EU laws.

It’s cool when Revolut is hooligan to break laws to offer better and close to free banking services… but it’s way different story when the same attitude is employed towards their clients.

The core value of any bank should be to earn trust… and Revolut has failed their first test miserably.