Progressive's refund policy states that customers will receive a refund for unused premiums, less any cancellation fee that may apply. Whenever coverage is canceled before the end of the policy term, Progressive customers will receive a refund. Your insurance company can issue a refund if your policy is canceled and you have paid your premium in advance. Receiving an insurance refund will largely depend on the reason you canceled the policy and the amount of the premium you paid in advance.
If you pay the full premium up front, you'll usually get a refund when you cancel your policy. If you pay your premium monthly, you may or may not receive a refund depending on when you cancel. The good news is that Progressive allows you to cancel your policy at any time, even for half of its term. However, if you do, you may not receive a full refund from the company.
If you sell your car and buy a new one, you'll still need coverage because most states require drivers to have car insurance. The cost of canceling Progressive insurance depends on state law, the length of the policy, and the frequency of premium payments. Progressive is an insurance provider that prides itself on offering competitive pricing and a variety of package options. If the reason you want to cancel your Progressive policy is because you're not really going to use your car for an extended period (that is, if you decide to cancel your policy or your insurance company cancels it), you usually won't receive a car insurance refund unless you've paid the premium in advance.
This information may be different from what you see when you visit the website of an insurance provider, insurance agency, or insurance company. Because insurance premiums are determined in part by where you live, you can get a lower rate on your new policy if you move to an area where rates are cheaper, and your insurer can reimburse part of your insurance premium. If you sell your car and no longer need coverage, your insurance company can send you a refund check if your policy is canceled before its term ends. If you cancel during the middle of the policy term, Progressive Insurance will reimburse you for the premiums for unused days, less cancellation fees.
You shouldn't cancel your car insurance with Progressive or any other insurance company on a whim. While you can cancel car insurance policies at any time, it's best to do so when the policy is about to expire or is pending renewal. If you change your car insurance company and find better rates with another insurance company, you may want to cancel your current policy before it expires. Plus, if you cancel your car insurance with Progressive, make sure you're covered by another policy first.
Even though they're one of the best-known auto insurance companies in the United States, there are a variety of reasons why you might want to cancel your policy with them. Like any other auto insurance company, Progressive allows its policyholders to cancel their coverage at any time.