If I change my address after already paying my premium, will I receive a partial refund?
I live in Detroit, where car insurance rates are quite high. I just paid my six-month premium for April through October.
However, I’m considering moving to the suburbs, where insurance costs are significantly lower. If I do change my address with my insurance company, will I get a partial refund for the remaining six months?
Also, if I decide to cancel my policy later on, for example in July, will I receive another refund for the premiums already paid for August through October?
When you change your address to a location with lower insurance rates, it’s common for insurance companies to reassess your premium based on the new address. In many cases, this can lead to a partial refund for the overpayment associated with the original premium. You’ll want to reach out to your insurance company directly to confirm the specifics, as policies can vary between companies.
If you decide to cancel your policy entirely later on, you may also be eligible for a prorated refund for any unused premium for the months you didn’t use the coverage (like August to October, assuming you cancel in July). Just make sure to check your policy details or speak to an agent to understand any potential fees or obligations that might affect your refund.