Our Insurance Rate Cancellation Calculator will help you get a better understanding of how much insurance premium refund you can expect to.

What is the penalty for cancelling car insurance. Find out whether your insurance company does and if so what the amount of the fee is. For instance this is common if you cancel within 14 days after getting your new policy. Insurers will calculate your premium refund on a short rate versus a pro-rata basis.

The exact amount should make a difference in the decision you make. Make sure you know which method your company uses when considering your options. However some providers charge a cancellation fee.

Cancellation fees or penalties can range from as low as 25 and go as high as a percentage of your premium depending on your insurance companys policy. If the cover has started the insurer can deduct an amount to cover any days when your car. But you will be charged for the time when the policy was active and you may also have to pay an administration fee.

Most insurers will not offer a refund if you are cancelling with only two months to go so if you are that far into your policy it will usually be cheaper to just see it through to the end. While you can cancel your coverage any time there are some cases where you may have to pay a penalty. Yes if you choose to cancel your car insurance policy within the 14-day cooling-off period it is a legal requirement that youre granted a refund.

2 Cancellation fees can vary from a set dollar amount up to a percentage of your overall premium cost. These fees are charged to help the company recoup some of. Ask your insurance company to confirm in writing that your insurance.

Be sure to know when your policy expires or renews to avoid unexpected cancellation penalties. Your licence plates and. For companies using a pro-rated system if you have a 12-month policy and cancel after three months you will get back nine months worth of premiums.