If you cancel your policy within 21 days of buying it – the cooling-off period – you’ll receive a full refund of your premium payments (as long as you have not made any claims).
If you cancel after the cooling-off period, you’ll be refunded a pro rata amount, i.e. any unused portion of your premium (minus the ‘early cancellation’ fee and any government taxes and charges).
If you pay your premium by instalments (i.e. fortnightly or monthly), any premium still owing at the time of cancellation must be paid to us.
We will not refund any amount of $1 or less.
If I cancel my car insurance, will I have to pay a fee?
It depends on the circumstances.
You will not have to pay a cancellation fee if you:
cancel your policy within 21 days of the policy being issued or renewed – the cooling off period – and have not made any claims, or
decline our annual offer to renew your policy.
Otherwise, you’ll have to pay an ‘early cancellation’ fee of $40.
Must I cancel my insurance policy after selling my car?
It depends on whether or not you buy a replacement car.
If you’re selling your car and buying another one, you can quickly and easily transfer your Budget Direct car insurance to your new car.
If you do not intend to replace the car, you can cancel your insurance policy by logging into our online policy manager or chatting with us online.
Can I cancel my car insurance policy after making a claim?
Yes – you can cancel your policy at any time.
Can my policy be cancelled if I make a misrepresentation when answering the insurers questions?
Yes – We will ask you questions and your answers will help us decide whether to insure you, and on what terms. Each question we ask you is important.
You have a legal duty under the Insurance Contracts Act to take ‘reasonable care not to make a misrepresentation’ to us. This means you must answer all our questions fully, accurately, and honestly.
If you fail in your duty, we may, where permitted by law, cancel your policy. Or we may reduce the amount we pay you if you make a claim. Or we may do both of those things.
If your failure is fraudulent, we may refuse to pay a claim. And we may treat the policy as if it never existed.
https://www.budgetdirect.com.au/car-insurance/car-insurance-faqs/cancelling-car-insurance.html
Eligibility for a refund for Compulsory Third Party (CTP) insurance
Compulsory Third Party (CTP) insurance protects motor
vehicle owners and drivers from being held financially responsible if
they injure someone in a motor vehicle accident.
If your vehicle becomes unregistered, you can apply for a
partial Compulsory Third Party (CTP) insurance refund from your CTP insurer.
You may be eligible for a partial CTP insurance refund
if:
- an insurer has ‘written off’ your vehicle
- you have taken your vehicle to an auto wrecker or
- your vehicle was stolen.
How to cancel your vehicle registration
To cancel your vehicle’s registration, visit a Service
NSW centre in person.
After cancelling the registration, Service NSW will issue
a letter or receipt, which you must then provide to your insurer. The insurer will determine your refund based on
the registration cancellation date noted in the letter or receipt. An
administration fee may be deducted from any refund amount by the insurer.
If you sell your registered vehicle, you are not eligible
for a refund from your insurer, as the CTP insurance policy is attached
to the vehicle itself. You
need to consider any remaining CTP insurance value when setting your sale
price.
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