What happens if I just cancel my car insurance?
If you cancel your policy before it expires, it is usually possible to get a refund for the remaining period of the car insurance premium paid. However, the refund amount varies for different insurers and some may impose a penalty fee or administration charge for cancellation.
How long do you have to cancel an insurance policy?
You may want to cancel an insurance policy if you have just bought it and have changed your mind. By law, you have a minimum 14-day cooling-off period during which you can cancel the policy for any reason. If you've bought life insurance, the cooling-off period is 30 days.
Will it affect me if I cancel my car insurance?
If you cancel your insurance policy instead of suspending it, your insurance company will likely view this break as a lapse in coverage and your insurance premium may increase.
What do I do if I want to cancel my car insurance?
- Call your provider. Most major companies simply ask that policyholders speak with an insurance agent to cancel. …
- Mail or fax your cancellation. …
- Visit the office. …
- Have your new insurer deal with it.