Cancellation — the termination of an insurance policy or bond, before its expiration, by either the insured or the insurer.
Can you cancel a policy at any time?
Yes, an insurance policy can be cancelled at any time, and you will receive a partial refund if you paid your premium in advance and then cancel before the end of your policy term. Some car insurance companies also charge a fee for cancelling your policy before the end of the policy term.
How do I write a letter to cancel a policy?
In case you have purchased an insurance policy and not happy with the benefits, you can go ahead and cancel the policy. However, it is vital that you cancel the policy within the cooling period, as the entire premium that is paid may be refunded.
Can I cancel policy and get refund?
Contact your insurance provider: To cancel your existing insurance policy, you may call your insurer, contact an agent through the company's mobile app, mail in a cancelation request or speak to an agent in person — depending on your carrier's options.