Renewing and cancelling
“You can cancel your
insurance policy at any time
and for any reason.”
You’ve found an insurer who’s offering a lower premium and want to cancel your policy with your current insurer?
You can cancel your insurance policy at any time and for any reason. To do so, you must send a written notice to your insurance agent or broker. However, you may be charged a penalty. (The longer the remaining policy term, the higher the penalty.)
Your insurer also can decide to cancel your insurance policy. If this is the case, your insurer must send you a written notice and the cancellation will take effect 15 days after the notice is received.