In general, the cancellation fee is a percentage of your premium and the percentage charged is determined by how far along you are into the term of your policy. For example, you’ll pay more if your current policy is only four months old than if you’re nine months into your coverage. The cancellation fee charged is basically a sliding scale that typically ranges from two to seven per cent.
Certain conditions, limitations and exclusions apply to all our offers. Offers may vary and be modified without notice. The information that appears on this website is provided to you for informational purposes only. Your insurance contract prevails at all times; please consult it for a complete description of coverage and exclusions. ©2018 Belair Insurance Company Inc. All rights reserved.
Insurance is funny, in a weird sort of way, because rates can vary wildly between insurance companies. Also, premiums often change so the insurance provider who offered you the best rate two years ago, or even last year, may not be the insurer who offers you the best car insurance rate today. That’s why it’s so important to shop around, because the quote you get from one company can be significantly higher (or lower) than the quote you get from another.