What happens if I renew my car insurance but decide to cancel?
By law, you have 14 days to change your mind. The 14 days starts from the day cover begins or from the day you receive your paperwork – whichever is later.
If you decide to cancel during the 14 day ‘cooling off’ period, then you’ll be refunded the cost of your policy minus any days that it was active for. You may also be charged an administration fee – but your terms and conditions should clearly state if this is the case and how much.
If you decide to cancel after the 14 days, then that’s fine, you can still do this. However, you could be charged a cancellation as well as admin fee. And of course, you’ll also be charged for the time that the policy was active for. More info on cancellation fees here.