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How does your payment schedule affect your car insurance refund?
If you choose to cancel your policy, or your insurance company cancels it, you typically won't get a car insurance refund unless you've paid the premium in advance. For example, let's say your policy term is 12 months, and you pay the premium for the entire year upfront. If you cancel your policy after only three months, your insurer will issue an insurance refund for the remaining nine months.
If you pay in monthly instalments and cancel your policy at the end of the month or billing cycle, you probably won't get a refund. But if you were to cancel your policy in the middle of the month or billing cycle, then you may get a small refund since you've already paid your premium for the full month.
Important note: Whether you pay monthly or upfront, you may have to pay a cancellation fee when you cancel your policy — depending on your insurer.
Will I get a check for my insurance refund?
Insurance refunds are typically issued through the same payment method you use to pay for your insurance. So, if you pay your premium with a check, you'll usually get an insurance refund check. Likewise, if you pay with a credit card, your refund will appear as a credit on your card balance. However, the exact method of distributing refunds may vary by insurer.
Will I get a refund if the insurer cancels my policy?
If the insurance company cancels your policy, you'll usually receive a car insurance refund unless they cancel the policy for non-payment. If non-payment occurs, you will not receive a refund and will continue to owe the insurer any unpaid premiums.
There can be multiple reasons why an insurance company cancels your policy, including having too many accidents or tickets on your driving record, getting a DUI, etc., or failing to pay your premium.
How should I cancel my auto insurance policy?
If you're going to cancel your existing policy and you plan to continue driving, don't cancel your old policy until you find a new one. When you have the effective date of your new policy, you can ask your current insurer to cancel your existing policy effective the first day of your new policy.
It's essential that there are no gaps in your coverage because even a small one could create problems. If your car is stolen, damaged, or involved in an accident while you're uninsured, you could be responsible for repairs and medical bills. Any gaps in coverage could also raise your insurance rates, even if it's just for a day. For more details Call us at 877-898-0788
Car insurance
If you paid your premium in advance, you might receive a refund if you cancel your policy before the end of the term. The refund amount is usually prorated based on how many days the policy was in effect.
The refund process for auto insurance depends on when you cancel your policy and the terms and conditions of your policy:
The refund process usually takes around two weeks, but the exact time depends on your payment process. The refund will be sent to the same source as where you purchased the insurance.
Here are some other things to consider:
Car insurance cancellation fees
Depending on the auto insurance company, cancelling your policy before the end of its term may result in a cancellation fee. State laws can determine if a fee is allowable. If so, it is up to the insurer to set that fee, which is often taken out of the prorated refund.
Cancellation fees can be a flat fee or a short-rate fee. With short-rate cancellations, the insurer will charge the policyholder a percentage of the unearned premium — usually 10 percent. This amount will be taken from the remaining refund, or the policyholder will receive a bill if there isn’t a refund owed. For more queries Call us at 877-898-0788.
What happens if you stop paying your premiums without cancelling your car insurance policy?
If you want to discontinue your coverage, it is best to contact your insurer or your agent. If you stop paying your premiums but do not cancel your policy, your carrier will eventually cancel your policy for nonpayment. However, there may be charges for insurance coverage up until that point, along with possible late fees.
Failing to properly notify your insurer that you want to cancel may even impact your ability to locate auto coverage in the future. Even if you intend on finding a new car insurance company, missing payments entirely could lead to poor payment history and make securing affordable rates more difficult. Similarly, if you have automatic bank account withdrawal enabled to pay your premiums, you may continue to pay for coverage that you do not intend to keep.
Your intent to cancel, along with providing a specific cancellation date, allows the insurer to follow the appropriate cancellation procedures — such as notifying the DMV of the cancellation on your behalf and starting any refund process.
Accidents and tickets
Will tickets affect my rates?
It depends on your policy location and state laws. Driving-related tickets could affect your policy for about three years.
If you’ve had a major violation in the past five years, that could also impact the rate we can offer.
Will accidents that are my fault affect my rates?
It depends on your policy location and state laws. Any driving-related accident could affect your policy for about three years.
If you’ve had a major accident in the past five years, that could also impact the rate we offer.
Will accidents that aren’t my fault affect my rates?
Not usually. Accidents that aren’t your fault don’t affect rates the same way as those that are your fault. Whether you’re at fault or not, a claim can cause your rates to go up.
For example, you may see a change when you file a claim for hitting an animal or damage caused by a storm.
Multiple accidents with a short period of time, even if not your fault, could impact your rate, depending on the applicable state law.
Did my premium increase because of an accident or speeding ticket?
Maybe. Driving history is one of the many factors considered when we determine auto insurance rates.
Studies indicate past driving history is a powerful and accurate predictor of future driving behaviour, such as how likely an individual is to sustain a loss.
You may be able to prevent a future accident-related premium increase by choosing the accident forgiveness coverage option we offer in most states.
Why am I being asked to contact aginsuranceusa.com after trying to make changes to my auto insurance policy online?
We offer a lot of self-service online capabilities, but some auto insurance transactions need to be done with the help of one of your representatives.
Call us at 877-898-0788
What if I have vehicles in two different states?
If you need to insure drivers or vehicles located in more than one state or country,
Call us at 877-898-0788
How do I cancel my policy?
Our mission is the help members like you achieve financial security, whether you have insurance with us or not. Before you leave, help us understand why you want to leave.
We’d like to see if there’s anything we can do to help with your situation and make sure you’re not at financial risk.
If there’s anything else or you want to cancel your policy, call us at 877-898-0788
Customer service contact information
Make sure your customers can find multiple contact methods on your site, including direct communication channels, such as email addresses, phone numbers, and live chat (something besides contact forms). Low-friction communication is key to providing a good customer experience and heading off misunderstandings early on, helping to avoid disputes.
Email: contact@aginsuranceusa.com
American General Auto Shield Company
5600 N River Rd
Rosemont, IL 60018
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