How to Obtain A Car Insurance Refund on Unused Premiums

LOS ANGELES, March 14, 2022 /PRNewswire-PRWeb/ -- Drivers can have many reasons for canceling their policies mid-term. The most common reasons for doing that range from the driver's desire to reduce his carbon footprint and the commute to public transportation, moving to another country or state that doesn't require car insurance, or changing the vehicle for a motorcycle or RV.

Policyholders that are canceling their policies before they expire are entitled to a refund in most cases. However, before asking for a refund, drivers should know a few things about how much money they will get back and if there are any associated fees.

There are two scenarios for policyholders that want to get a car insurance refund:

• Car insurance refund if the policyholder paid in full. In this scenario, policyholders can easily get a refund. The further in advance, a driver paid for his policy, the more likely he will obtain a refund if he cancels his policy. Drivers that paid in full can ask for a refund in certain situations like removing coverage from a vehicle, canceling the insurance policy mid-term, changing coverage or removing a vehicle, moving to a safer area, removing a high-risk driver from the plan.
• Policy refund if the policyholder pays monthly. Drivers that pay for their insurance on a monthly basis will have less money refunded. Also, any changes the driver does to his vehicle will come in the form of a credit toward the future billing. Refunds are less likely, and a credit will reduce the future insurance bills instead of generating a refund, In this scenario, the driver will get a refund only if he cancels the policy during the policy mid-billing cycle.

Drivers that cancel their car insurance will require to pay a fee in some cases. Usually, that fee only applies if the driver cancels his policy within the first two weeks after he purchased coverage.

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