Progressive Cancelation Fees: A Guide

Progressive Cancelation Fees

In the world of insurance, the name progressive is one that rings a very loud bell due to several reasons.  It is one of the biggest issuers of vehicle insurance in the United States. They provide insurance for boats, motorcycles, commercial vehicles and even home insurance via some companies. The company came into being back in 1937 through the efforts of Joseph Lewis and Jack Green. It is currently ranked as 99 among the fortune 500 companies in America based on revenue. Each year, several Americans change or cancel their insurance for several reasons. This can sometimes be a bit of a challenge thus discouraging some people from canceling. Progressive affords users a secure platform where they can efficiently manage their policy. The unique thing about it is the option to cancel the policy off the internet.

Progressive cancelation fees: A Guide

The advertisements by progressives are such that always make it a point to show just how easy it is to change and save some cash on insurance for your home, or car.  But if you intend to instead cancel your progressive policy, the process is often quite easy. The procedure is however dependent on where you reside. This is because different states in America have different rules and regulations governing its operations. It is however ideal that you make arrangements for a new policy before you jettison the one you currently are on.

What Should Be Done To Cancel Progressive Car Insurance?

You can cancel your insurance coverage using Progressive’s easy cancelation policy. The good thing about it is that you get a refund if you cancel before your policy runs out. But depending on your plan and state, you may be subjected to a cancelation fee which is equivalent to ten percent of the premium that is remaining.

How Can You Avoid Paying The Cancelation Fee?

Usually, Progressive does not charge a cancelation fee. There are however some states where this is not the case, and in such instances, you may opt for an early cancelation fee by waiting till it’s time to renew.

The car insurance is simply a contract which more often than not requires you to provide an ID if you want to enroll. Hence, you shouldn’t be surprised if you feel you may need it before you cancel the policy. Several states often require the needed legal documentation.  Some states require that you inform the DMV when you are changing the auto insurance, hence, you will need to check the guidelines of the state.

The first way to cancel the Progressive auto insurance policy is online. To do this, you need to confirm if your state allows for online cancelation. If it does, you will have to log into your account and select the option that suits you.  If there is no option to cancel, you will have to call an agent to get the needed information.  You can also do it by phone calling the designated number with a request to speak with a licensed agent. Using this route is often quite effective immediately or whenever it is you want the coverage to end.  The agent may request for your policy number, date of birth and other details such as proof a new insurance policy.

Furthermore, you could do it in person by visiting any of the branches of Progressive close to you and have a chat with any of their agents. The final method of cancelation you may consider involves using mail. Some of the states often necessitate that you have a signed document for you to cancel your policy. It is however often the easiest policy to adopt.

What Is The Information You Will Require To Cancel

For you to carry out the cancelation effectively, you will require certain information at hands such as your dated signature, address, name, and phone number, proof that you will not be driving as well the name, policy number and start date of your new insurer.

Which Of The Ways Is The Best Way To Cancel The Policy?

The easiest way to cancel the policy would be to place a call through to the agent. The only drawback of this method is that they may attempt to convince you to stay. If you are looking to avoid any such sales pitch, you should consider using the mail.  Simply send a written request for cancelation. There is however those who will choose a face-to-face meeting to sort out the cancelation. To do this, simply go to the office of your agent to get the policy canceled.

When Is The Best Time To Cancel?

You can cancel your policy at any time. This does not mean that you should cancel insurance premium while at it. Ensure that you notify Progressive of your intent to do so.

The Master Guide To Progressive Insurance

Here are a few potent steps to adopt in your progressive insurance journey:

1. Pick an ideal time for changing issuers

You are free to cancel the insurance provided by progressive whenever you want it. It should be noted that there are two ideal times for you to consider changing issuers. You can begin by contrasting and comparing rates a month to the renewal of the progressive policy. With recourse to the law of where you reside, you could get a notice of renewal at least a month before the due date. You should use the information provided to compare the products and rates with those of the competitors.

Go further by checking the available insurance options at the end of a certain life event such as a divorce, marriage, buying a new car, moving to a new home and the likes. Spread your net and make contact with progressive to see the difference in rates.

2. Know the cancelation fees

Depending on the laws obtainable in the area where you live, you may have to pay up a cancelation fee to the effect of ending your policy before the date of the renewal. More often than not, if there is a fee, it is usually about 10% of the outstanding premium. Also, if you prepaid for the policy, you will get a refund of the unused term.

3. Go  for new coverage for your car

In America, each state has its unique insurance requirement for cars and the law may require that you prove that there is a new insurer in place before you cancel the existing one. In the light of this, make sure you scout around for a policy that adequately suits your budget and needs per time.  To get the best deals, you may directly call up insurance companies or pay them a visit to their closest office to you. Also, make sure that you make arrangements for the new policy to be activated on the day you wish to cancel the existing one. There may also be a need to have homeowners insurance also.

4. Ask questions

You should ask the new insurer if they can help out with the cancelation of the current policy.  The secret here is that most of the insurers will be so eager to get your deal that they would be willing to do most of the work canceling the old policy. Most of them would only require that you sign a form or make available a verbal affirmation.

What Is The History Of Progressive

Progressive discovered a niche in 1956 when it began insuring even more drivers and in 1965 a complete buyout was carried out by Peter Lewis and his mother with the sum of $2.5 Million. By 1987, the company’s premiums had gone beyond $1 billion. By 2016, it had exceeded the $20 billion mark. There are quite a several remarkable feats that can be seen in its progress so far such as the fact that it was the first auto insurance company with a website and allows its customers to purchase policies via the site. It also holds the record of being the first to make available week-long claims reporting.

What Is The Division Of The Company?

There are three divisions of operation of the company which include the commercial auto, Personal lines as well as another indemnity. In the case of the Personal Lines aspect, it simply issues insurance for the private passenger cars, boats, motorcycles, and other recreational cars through the direct channel and independent agency channel. On the other hand, the Commercial Auto segment issues physical damage and primary liability insurance for trucks and cars which are owned by businesses mainly through independent agents. The others deal with professional liability insurance to principal directors, community banks and officers’ liability insurance.

Final Words

Canceling the insurance you are on shouldn’t be a challenge to you. It is however important that you know what ending your insurance entails before you do. It is also important that you have a policy in place before you continue with your car.

You May Like These Articles As Well:

How To Become An Independent Insurance Agent

What Is The Average Age To Pay Off Your Mortgage?

Add Comment

Click here to post a comment