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How does the insurance company calculate the amount of premium to refund when a policy is cancelled?In: Auto Insurance |
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Answer
Insurance premiums are calculated for the year. If you cancel your policy refunds are usually issued retroactively. So if you cancel your insurance 6 months into your policy, you wil be refunded for the remaining 6 months. It is usually calculated to a daily value, so you will get a refund for the remaining days left in the year.
However, it is up to the insurance compant on what their refund policy is. Some companies will have a cancelation policy of 1 months cost of insurance if you cancel your policy. Most companies however have no fee.
First answer by alex. Last edit by Kidbillrock. Contributor trust: 31 [recommend contributor]. Question popularity: 58 [recommend question]
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