What should I consider before cancelling my insurance policy?
No matter when or why you’re considering cancelling your insurance policy, reviewing your insurance policy is a great idea to ensure your needs and budget continue to be met. Before updating your insurance policy or requesting a quote, make sure you have the necessary information to process your request.
Here are some things to consider:
Review your current needs
Your coverage should reflect your current life situation – if your insurance policy isn’t up to date, your premium may not be either. For example, you might still be paying for your son who is listed as a driver of your vehicle but has since moved away and is no longer driving your car. If so, you could take the decision to remove him from the list of occasional drivers in order to save on your premium.
Similarly, reviewing how much you’re paying can help you formulate a decision. For example, if your home and auto coverages are initially bundled, and you now want to cancel your auto insurance, without however cancelling your home insurance, it is possible that your home insurance premium would increase if your insurer currently offers you a “bundle-and-save discount”.
Go beyond the rates
When shopping around for a new insurance policy, don’t just look at the rates. Make sure that the insurance company you’re considering is reputable and that its offers include benefits, deductibles and service levels that meet your needs.
The fees vs the savings
Certain insurance companies charge fees if a coverage is cancelled before the renewal date. If cancellation fees apply, make sure the savings you’d earn by switching to a new insurance provider outweigh the penalties – if they don’t, you may want to reconsider cancelling before the insurance policy renewal date.
Will there be fees? What about my payments?
Each insurance provider has its own rules on cancellations, so be sure you’re aware of your current and future insurer’s rules. Generally, if you decide to not renew your insurance policy, you won’t be charged a penalty. However, if you cancel before the renewal effective date, you may need to pay a fee. Any payment (the remaining premium or penalty) due after the cancellation must be paid according to the terms provided for in the cancellation policy in force with your insurer.
Will cancelling my insurance policy affect my insurance file?
Cancelling your insurance policy won’t generally affect your insurance file and your chances of returning to your current insurance provider – unless you have an outstanding balance or if the Underwriting department deems there’s a particular risk involved. However, be aware that some insurance companies may consider your loyalty in their rating criteria.
How and when do I cancel my current insurance policy?
You can cancel your insurance policy at any time during the coverage term or decide to not renew it. To do so, contact your insurance provider and then follow the instructions you receive. Once the process has been completed, you should receive a confirmation letter.
If you’ve got insurance with The Personal and are considering cancelling it, please read Cancelling your insurance policy.
Cancellation of an insurance policy – A few things to know

Thinking of cancelling your insurance policy or switching your insurance provider? You can cancel your insurance policy at any time – but there are a few things you may want to consider before cancelling your insurance policy.
Certain conditions, exclusions and limitations may apply.
The terms and conditions of the coverages described are set out in the insurance policy, which always prevails.
These tips are provided for information and prevention purposes only. They are general in nature, and The Personal cannot be held liable for them. We recommend using caution and consulting an insurance agent or a damage insurance agent for comprehensive, tailored advice.