If you need to cancel your personal property or car insurance policy before renewal time, you may have questions about what to do. Here are all the details you need.
Your licensed insurance broker is the first person you should reach out to if you need to cancel your policy. They can process your cancellation request and answer any questions you may have about how to cancel your policy.
Your broker’s contact details are located on your policy. If you can’t locate your policy, you can also find your broker’s contact information with our Find a Broker tool.
Be aware that if you are cancelling your policy mid-term, a short rate penalty may apply.
If you’re moving to a new province, you may have to cancel your policy and purchase a new one. Contact your broker to learn about your options.
If you’re changing cars or moving to a new home or apartment, you don’t need to cancel your policy, but you do need to let your broker know there’s been a change so they can make sure you have the coverage you need.
Your premium is based on a specific term, and your payments are set up accordingly. When your policy is cancelled early, cancellation penalties or fees may apply.
We’ll calculate the remaining premium you owe on a “short rate” basis. Short rates are governed by statutory conditions and are registered with the government. The amount you’ll owe is based on the cancellation date and the actual number of days your policy was in force.
Your policy may be cancelled if you don’t pay your premium, if you’re no longer eligible for coverage under your existing policy, or if you fail to disclose a material change in risk.
Learn how to manage your insurance payments to avoid cancellation for non-payment or talk to your broker if you have questions about your payment and cancellation terms.
If your policy has been cancelled, reach out to your broker immediately. A policy cancellation could result in a lapse of coverage, meaning you won’t have insurance until you purchase a new policy. If you’ve been through a policy cancellation and need some guidance on your next insurance purchase, find a broker near you for help.
Please reach out to your licensed broker to discuss cancelling your commercial insurance policy with Economical Insurance.
