Can I cancel a policy I haven’t officially signed for yet?
I want to start by acknowledging that I acted a bit too quickly and now I’m facing the consequences of my own decisions. After my Geico rates increased to $350 a month, I reached out to a broker in search of better options, especially since I just added an additional vehicle to my coverage.
In my rush to secure a new insurance policy and avoid that hefty fee, I ended up hastily agreeing to the cheapest option the broker provided. This led to me making a down payment on a policy with National General. However, after reading some reviews and receiving a quote from USAA, I really want to cancel my National General policy and switch to USAA.
Here’s my dilemma: I’m unsure if I can cancel since I haven’t signed any documents yet, and I wanted to get some advice here before I contact my broker in the morning. My down payment is still showing as pending, but the policy is dated from 02/27/2025 to 02/27/2026. I’m not clear if that indicates the policy is active simply because of that date, especially since I haven’t signed anything, and I won’t be able to reach my broker until the 28th. Any insights would be appreciated—I’m based in Virginia, if that helps!
It sounds like you’re in a bit of a tricky situation, but since you haven’t signed any documents yet, you may have a better chance of canceling the policy. Generally, a down payment does not equate to a binding contract unless you’ve signed an agreement. Since the policy is showing future effective dates, it likely means it’s not fully activated yet.
However, insurance policies can vary widely by company and state, so it’s crucial to check the terms that were provided to you when you agreed to the policy. It’s good that you’re planning to reach out to your broker for clarification. In the meantime, you can also try contacting National General’s customer service directly to explain your situation and confirm the status of your policy.
If you are able to cancel, make sure to do so formally (preferably in writing) to avoid any potential issues down the line. Lastly, once you’ve confirmed everything, you can proceed with obtaining the policy from USAA if it fits your needs better. Good luck!