Will it cost a lot to cancel the policy I currently have with another insurance company?

You don’t have to wait until it is time to renew – cancelling your insurance mid-term may be easier (and cheaper) than you think. Find out how much it could cost to switch today:

Cancellation Calculator

The cancellation fee your insurance company will charge you will depend on how far along you’re in to your policy term. The closer you are to your policy renewal date, the less you’ll have to pay.

Most insurance companies will charge you around 2 to 7% of your premium (usually they’ll take the higher percentage amount if you’re at the start of your term). On an average home policy of $800 a year, the cost to cancel your policy would be around $16 to $56. On the average auto policy of $1,600 a year, it would cost around $32 to $112.