1. Free Look Period
You may cancel your business or auto insurance policy during the free look period:
- 15 days from policy issuance for standard policies
- 30 days for policies purchased online
- Full premium refund (minus processing fees if applicable)
- No claims must have been filed during this period
- Policy must be returned with all documents
2. Mid-Term Cancellation Refunds
If you cancel after the free look period:
- Pro-rata refund based on unused policy period
- Short-rate cancellation may apply (90% of pro-rata amount)
- Administrative and processing fees will be deducted
- Minimum earned premium may be retained
- No refund if claims have been paid or are pending
3. Business Insurance Refunds
For business liability and commercial policies:
- Refunds calculated based on exposure period
- Audit adjustments may affect final refund amount
- Multi-year policies prorated accordingly
- Bundle discounts may be recalculated
4. Auto Insurance Refunds
For vehicle insurance cancellations:
- Daily pro-rata calculation for unused coverage
- Fleet policies calculated per vehicle
- DMV filing fees are non-refundable
- Inspection and processing fees retained
5. Refund Processing Timeline
Approved refunds are processed:
- Within 15-30 business days from cancellation approval
- Refunded to original payment method
- Bank processing may take additional 5-7 business days
- Check refunds mailed within 30 days
6. Non-Refundable Situations
No refund will be issued when:
- Policy cancelled for non-payment of premium
- Fraud or material misrepresentation discovered
- Claims paid exceed premium paid
- Policy expired naturally
- Cancellation initiated by insurer for cause
7. Requesting a Refund
To request a refund:
- Submit written cancellation request with policy number
- Provide reason for cancellation
- Include bank details for electronic transfer
- Return all policy documents if required
- Complete any required forms or declarations
8. Renewal Period Refunds
Cancellations during renewal:
- Full refund if cancelled within 15 days of renewal
- No claims filed in renewal period
- Previous policy term unaffected