Many policies can be canceled with a small early cancellation fee. Though some policies (typically those under $500) are non-refundable. Your policy document will have full details. Note that once you cancel your policy, you may no longer have coverage against any potential claims.

There are a few things to pay attention to regarding early cancellations of your policy.

  •  Minimum retained. This is the minimum amount you owe, regardless of when you cancel. This is usually 20-40% of the total policy premium, which represents something like 3-4 months out of the year. So if you have a $1,000 policy, and the minimum retained is 25%, you owe $250 even if you cancel 1 day after the policy was issued. Check your policy document for your minimum retained amount.
  • Fees. Any fees charged along with your policy are almost always non-refundable. So you don’t get any of this back if you cancel early.
  •  Short rate calculation. This is fee is charged by the insurance company in case you cancel your policy before the end of the term. This is usually 5-10% of your premium, depending on the type of policy and the insurance company you are with.

If you would like to cancel your policy, please email us at [email protected] and include the following information:

Your full company name
The date on which you wish to cancel your policy
The reason you need to cancel your policy
Your dedicated Account Representative will quickly determine the amount of any refund owing, and get back to you within 1-2 days. You can then decide whether you want to go ahead with the change.