Best Answer

If you cancel your policy is will probably be short-rated which means you will be penalized for canceling. There are published factors but I can't give you the short rate factor without knowing the dates of the policy.

User Avatar

Wiki User

18y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If the insured cancels their own auto insurance policy how is the return premium calculated and is there a penalty?
Write your answer...
Still have questions?
magnify glass
Related questions

What is the penalty for driving your bosses car if it is not insured?

If you are driving the car, then you are officially liable for driving without proof of insurance, but most police will be understanding if you are driving a company car that you didn't know was insured.

How does penalty interest calculated?

Penalty interest is calculated from the required and projected balance

Can the other person's insurance company take you to court to suspend your driver license after an accident when you weren't insured?

Only if the legal penalty for driving while uninsured is license suspension.

Is there a Penalty for uninsured driver with insured vehicle?

As far as states go I know in Utah it is the vehicle not the driver that is insured.

What are the fines if you get caught insuring a car for a illegal alien?

Penalty for Insurance FraudFine? Perhaps you meant to ask what is the Penalty for Insurance "Fraud"? Most US states hand out terms of up to 20 years in Prison for insurance fraud. It is a Felony. Should the fraud have cost the Insurance Company or some other driver to suffer a financial loss, Then you as the Defrauder would also be financially liable to those parties.Basically the Illegal alien friend if not named on the policy as an Insured driver is "Un-insured" regardless of immigrant status. An Insurance Company does not have to pay a claim or loss that is the result of fraud.

What is penalty for hiring unlicensed contractor in Maryland?

The penalty is YOU LOSE. They are not bonded or insured and your loss is just that. GOOD LUCK!

In TEXAS can an uninsured licensed driver drive another's insured vehicle without penalty?

It depends on the insurance company. Some insurance companies will cover the vehicle when it is loaned to someone else. Many have restrictions that they will only cover someone of a certain age or older.

What happens when an uninsured driver driving an insured car got hit by an insured driver?

P.S. The insured driver is found at-fault with witnesses. The uninsured driver is worried if his license will be suspended or facing any penalty for driving the his parent's INSURED car.

What is the penalty for no mot certificate?

A £60 fixed penalty notice, however insurance can be invalidated.

What is the penalty of driving with expired insurance but my car is still insured and it was just the card that is expired?

It is same as driving without the insurance, need to renew the policy before it's expiry date.There shouldn't be lapse in the current policy,has to be renewed when it's about to expire to maintain its continued validity as current policy.

What is the penalty for this in California for driving without insurance?

I am not sure about California itself but of the states I do no about the penalty is always more than six months of insurance would have cost the person had they purchased the liability insurance.

If your car insurance gets cancelled what is the penalty for not having insurance on your car?

your insurance co will notify the DMV and then can suspend your license