Consequences of cancelling your policy during the year
If you're thinking about cancelling your policy before your full year is up, it's worth careful consideration. Often people cancel because they've found a better offer, but a cheaper price may be down to less cover than your current policy. In addition to this, the fees you pay to cancel your policy (as with any insurer) may mean you won't save money by cancelling early.
It's worth checking you understand this information before cancelling:
No Claims Discount (NCD): cancelling during the policy year means you won't earn your No Claims Discount for the policy year because you won't have been insured for the full year. Any NCD earned in previous full policy years will still be valid.
Fees: there are various fees that can apply at cancellation. These fees are determined from your policy terms and when you cancel. To find the fees that apply to your policy, check your policy wording in your Ticker app. You'll find the fees in the Telematics agreement section.
Can I get an estimated cost to cancel my policy?
Yes, one of the team can give you a rough estimate of what it might cost to cancel your policy. Just bear in mind, you may not always receive a refund, as it depends on how you paid and when you're cancelling your policy, as fees incurred could mean there's something to pay. If you are due a refund, it will be for any remaining months of your policy, minus applicable fees as long as you haven't made a claim.
Cancelling your policy in your cooling off period
If you cancel your policy within your 14-day cooling off period, there will be a fee and you’ll get a refund for any full weeks left of your policy as long as you haven’t made any claims, minus any non-refundable fees. If you bought any extras (for example, breakdown cover), you’ll get a refund for any full weeks left as long as you haven’t used the cover.
Cancelling your policy any other time during your first year
If you cancel your policy after the 14-day cooling off period, there's a a higher fee and you’ll get a refund for any full weeks left of your policy as long as you haven’t made any claims, minus any non-refundable fees. If you bought any extras (for example, breakdown cover), you’ll get a refund for any full weeks left as long as you haven’t used the cover.
How your refund works if you cancel your policy
If you cancel your policy, any refund is based on how far through your policy you are plus any non-refundable fees. You'll get a refund only if you have no at fault or open claims.
If you paid upfront and want to cancel your policy
If you cancel when you paid upfront, any refund is calculated on a pro-rata basis and only applies if you haven't made a claim. You'll get a refund for the unused time left of the policy. This amount then has any fees deducted from it.
If you pay monthly and want to cancel your policy
If you cancel with a monthly credit agreement, your payments will stop, but you will need to pay any fees associated with cancelling the policy. This can mean that the payments made by direct debit at the point of cancellation for the time you've had on cover including those fees might not cover the full amount charged.
If you've made a fault claim and want to cancel
If you've made a fault-claim during the year, you won't get a refund for time left of the policy if you cancel. Monthly payers have to pay the full outstanding premium by continuing the direct debit payments until the full balance is paid.
These are standard refund terms for insurers.
If you still want to cancel your policy, when starting a chat just choose 'cancel' when the option is shown. If you've already started a chat then just close the conversation and start again to get that option.