Cancelling your Car Insurance policy is certainly possible. Nevertheless, you will receive a refund only after you have submitted a copy of the replacement policy to your existing Insurance Company.
Car Insurance is mandatory by law; hence your existing company needs to know that a policy has been bought in place of the current policy, to proceed with the cancellation.
Car Insurance companies provide a minimum ‘cooling off’ period of 14 days to the customers in which they are free to cancel their policy. In case, you change your mind about the current company or find a better deal from a rival company, you are entitled to go ahead within the first 14 days of your policy.
After the cooling off period, the company will charge you a certain amount depending on the number months which have passed from the policy period.(i.e. 10% charges within a month, 20% after 2 months and so on.) However, keep in mind that you are not eligible for a refund after 8 month of your policy period.
The cancellation process is pretty straightforward. You have to intimate your Car Insurance Company through email or calling up at their call centre and request the cancellation of your policy. Once, the request has been processed and the necessary details have been provided, cancellation takes places in approximately a week.