Cancel your old insurance
You have the right to cancel your insurance at any time. However, most insurance companies don’t advertise this fact, and sometimes they make it a bit difficult to leave them. We believe insurance companies should allow you to cancel and receive a refund as fast as they insure you, which is why our customers can cancel with the click of a button.
Will I get money back?
Your insurance company must refund you the unused part of your premium (unless they have some hidden clause about keeping a certain percentage of your premium). So, if you cancel your annual house insurance policy halfway through the year, you should be refunded half the premium you paid.
You have paid a certain period of insurance, so if you don’t use all of that period (because you want to change insurers, you don’t want cover any more or you have sold your house for example) then you are entitled to receive back the cover you have not used
Will there be a cancellation fee?
It depends on the company. There may be a small fee for processing the cancellation, it should never be more than $30.
Initio does not charge cancellation fees. With initio you can come and go as you please, and you get a full pro-rata refund of your insurance costs back if cancel a policy.
What do I need to do to cancel?
All you need to do is contact your insurance company and tell them to cancel your policy. Here are the steps:
Step 1: First make sure your new insurance policy is in place (e.g. with initio). The initio platform allows you to place cover instantly on a day of your choosing up to a month in advance.
Step 2: Call or email your insurance company telling them to cancel your policy from the date your new initio policy begins. We recommend providing:
- Full Name
- Policy Number(s)
- Cancellation Date (same date as start date of your new initio policy)
- Bank Account Number (for refund to be paid to)
Step 3: Check your bank account to confirm the refund has been paid.
Having troubles or don’t know where to contact your insurer?
Get in touch with our support team who will be happy to help guide you through the cancellation process with your existing insurer.