Insurance Cancellation Fees

Do all insurance companies charge a penalty if you cancel before the term is up? What is the percentage that can be charged?

 

Answer:

While there is no consistent maximum percentage that can be charged, there is usually some kind of cost to you if you decide to cancel a policy before your term is up. Not all insurers will call it a "penalty." Some will call it an administration fee. But most of us can expect to pay some kind of surcharge for cancelling early.

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