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?
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.