Whenever coverage is canceled before the end of the policy term, Progressive customers will receive a refund. Customers who have automatic monthly payments set up with Progressive will receive their refund within two or three business days of the cancellation of their policy. If you decide to cancel your policy or your insurance company cancels it, you usually won't receive a refund from car insurance unless you've paid the premium in advance. For example, let's say the term of your policy is 12 months and you pay the premium for the whole year in advance.
If you cancel your policy after just three months, your insurer will issue an insurance refund for the remaining nine months. Each company involved can have an “accounting period of up to 30 days”. An insurer may require 30 days notice to offer a return premium. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provision, limitation, or exclusion that is expressly stated in any insurance policy.
If you're looking for cheap car or home insurance, the best thing to do is compare prices and get quotes from several providers. For example, if you have a Progressive policy, Progressive Insurance has the ability to deliver a premium refund check within seven business days of cancellation, which is quite surprising as far as insurance companies are concerned. This information may be different from what you see when you visit the website of an insurance provider, insurance agency, or insurance company. If you change your car insurance company and find better rates with another insurance company, you may want to cancel your current policy before it expires.
Insurance refunds are usually issued through the same payment method that you use to pay for your insurance. If the insurance company cancels your policy, you'll normally get a refund from car insurance, unless they cancel the policy for non-payment. If you didn't do this step long before your policy was renewed, or even during the middle of the policy term, your old insurer will owe you the amount you overpaid for their “too expensive” insurance. Because insurance premiums are determined in part by where you live, you can get a lower rate on your new policy if you move to an area where rates are cheaper, and your insurer can reimburse part of your insurance premium.
If you sell your car and no longer need coverage, your insurance company can send you a refund check if your policy is canceled before its term ends. If you sell your car and buy a new one, you'll still need coverage because most states require drivers to have car insurance. The mission of The Truth About Insurance is to provide unbiased and objective insurance advice and advice to consumers on a variety of topics, ranging from car insurance coverage to health care and more. Progressive Insurance's refund policy may be different from the State Farm cancellation refund or the Allstate cancellation and refund policy.
An expiration in insurance can end up costing you a lot of money and even result in the suspension of your license if you are caught driving without car insurance coverage.