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You may want to cancel an insurance policy if you have just bought it and have changed your mind. By law, you have a minimum 14-day cooling-off period during which you can cancel the policy for any reason. If you’ve bought life insurance, the cooling-off period is 30 days.
You're not tied in to a contract with your car insurer, so you can leave when you want. If you no longer need your insurance, or you've found a better deal, it's easy to cancel your policy. This guide explains what to consider beforehand, how to cancel and whether you'll be due a refund.
Mar 17, 2021 · When you receive the paperwork for your car insurance you will have 14 days to confirm your policy, referred to as the ‘cooling-off’ period. During this period the insurer can still apply an administration fee, and they will deduct the days the policy has been active.
What happens if I cancel my policy during the cooling-off period? According to UK law, you have 14 days to change your mind about any insurance policy you have purchased. This is known as the 'cooling-off' period, during which you're entitled to a refund.
A consumer has a right to cancel, without penalty and without giving any reason, within: (1) 30 days for a contract of insurance which is, or has elements of, a pure protection contract or payment protection contract; or. (2) 14 days for any other contract of insurance or distance contract.
May 7, 2024 · The cooling-off period after buying car insurance is 14 days. This means you have the legal right to cancel your policy from the moment you receive your policy documents or when the cover starts, whichever is later.
People also ask
What happens if you cancel a car insurance policy after 14 days?
Can I cancel my insurance policy after the cooling-off period?
What is a cooling-off period after buying car insurance?
What happens if I cancel my insurance?
Once you’ve decided to cancel your car insurance policy, you should tell your insurer. Under UK insurance rules, you have a 14-day “cooling off” period to change your mind. If you cancel during this period, you should get a full refund of any premium paid.
