Insurance policy is ending

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Aug 29th, 2017 11:23 am

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Aug 28th, 2017 5:44 pm

molombian [OP]: Member; Jun 4, 2016; 252 posts; 74 upvotes

Aug 28th, 2017 5:44 pm

Insurance policy is ending

My insurance policy is ending in October and I am planning to switch companies. My current insurance sent me a letter with the renewal price and the payment plan with the first payment starting in September. I called my broker and asked them if I could cancel it and not get charged for the first month. They told me I couldn't cancel until 2 weeks prior to my renewal and I would get charged and then get a refund upon cancelation.

Is this normal? I just don't want any headaches in having to wait to get my money back when I don't plan to stay with this insurance company.

3 replies

Aug 28th, 2017 9:13 pm

CCHIR1982: Newbie; Aug 15, 2017; 5 posts

Aug 28th, 2017 9:13 pm

I am an insurance agent, you can cancel your policy at anytime. Just set your cancellation date for the renewal. I hope this helps.

Cheers

Caleb

Aug 28th, 2017 9:57 pm

vkizzle: Deal Expert; Aug 22, 2011; 38242 posts; 24426 upvotes; Center of Universe

Aug 28th, 2017 9:57 pm

Just make sure you're not on auto renewal.

Aug 29th, 2017 11:23 am

COSMIC5: Deal Fanatic; Aug 11, 2008; 9342 posts; 1902 upvotes; Ontario

Aug 29th, 2017 11:23 am

no, you can cancel the policy at any time by signing the cancellation agreement on the actual policy or by requesting a cancellation form from your Broker.

molombian wrote: ↑ My insurance policy is ending in October and I am planning to switch companies. My current insurance sent me a letter with the renewal price and the payment plan with the first payment starting in September. I called my broker and asked them if I could cancel it and not get charged for the first month. They told me I couldn't cancel until 2 weeks prior to my renewal and I would get charged and then get a refund upon cancelation.

Is this normal? I just don't want any headaches in having to wait to get my money back when I don't plan to stay with this insurance company.

RIBO LICENCED INSURANCE BROKER, over 35 years experience

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