Yes, it is possible to get your unused money as a refund from the car insurance premium. But it will solely depend upon the circumstances under which your policy is cancelled. Most of the companies may refund your balance money if you cancel the policy before its end tenure. The exact amount refunded depends on your insurance company’s policies.
However you should be able to cancel your policy whenever you want. But you may have to pay a cancellation fee. If you still need the policy protection then you should not cancel the policy. When you are changing the insurance company then make sure your policy with the new insurance company begins the same day that your last policy ends so that you do not lapse in coverage.
How timely you make your premium payments will affect how much of a refund you are eligible to receive from your insurance company. A refund is more likely for those who paid their premiums in full than for those who pay on a monthly basis.
Most insurance companies will give you a refund if you paid in full under the following circumstances.
- Canceling your car insurance before your policy ends
- If you move-out-of state and change your coverage amounts
- If you remove vehicles or drivers from your policy