You can cancel your insurance policy at any time, however, depending on the type of policy you have, there may be certain consequences for doing so.
You may not be eligible for a refund of any premiums that you have already paid, and you may be charged a cancellation fee. Additionally, the insurer may revoke your policy retroactively and deny any future claims.
Therefore it’s important to be familiar with the policy’s cancellation guidelines to understand what cancellation fees, refunds, or other penalties may apply.
The best first step is to contact your insurer to find out what your options are in regards to cancelling your policy. Depending on your insurer, you might be able to cancel your policy online, through a telephone call, or in writing.
It’s also beneficial to compare different insurance providers to find one that offers the most favorable settlement provisions in case you decide to cancel your policy.
Here’s a useful link that provides more information about cancelling an insurance policy: