Is There a Fee to Cancel MetLife Insurance?
Last Updated on May 10, 2022
MetLife may charge a 10% cancellation fee on the remaining premiums.
If you have a MetLife auto insurance policy and wish to cancel before your renewal date, then you may be required to pay a small cancellation fee.
Although MetLife does not have a single company-wide cancellation fee policy, some customers report paying a small fee, while others report paying no fee whatsoever.
Keep reading to discover everything you need to know about MetLife’s cancellation fees and cancellation policies.
Table of Contents:
- MetLife May Charge a Cancellation Fee of 10%
- How MetLife’s Cancellation Fees Work
- How to Cancel a MetLife Auto Insurance Policy
- Other Things to Know When Canceling MetLife Insurance
- How to Avoid MetLife Cancellation Fees
- MetLife Provides a Refund on Prepaid Premiums
MetLife May Charge a Cancellation Fee of 10%
Some customers report paying a cancellation fee of 10% of the remaining premium when canceling their MetLife auto insurance policy.
However, MetLife operates in many states and countries, and specific cancellation policies vary from place to place.
If you cancel on your renewal date, then you may be able to avoid a cancellation fee. Customers can cancel their MetLife policy at any time, but you can avoid a cancellation fee by canceling on your renewal date. Canceling close to your renewal date, meanwhile, can help you save money even if you still pay a cancellation fee.
How MetLife’s Cancellation Fees Work
If MetLife is charging a cancellation fee of 10% on your auto insurance policy, then here’s how that fee works:
- You pay a fee of 10% of the remaining premiums.
- If you bought a 6-month auto insurance policy from MetLife and canceled in month 5, then you would pay a cancellation fee equal to 10% of your monthly premiums (because you had 1 month remaining on your policy).
- You can cancel on or close to your renewal date to avoid a cancellation fee.
- If you have prepaid insurance premiums to MetLife upfront, then MetLife may offer a refund on those premiums, minus your cancellation fee.
- Let’s say you bought a 6-month policy and paid for that policy upfront. You paid $600 for the policy, or $100 per month. If you cancel in the third month of the policy, then MetLife owes you $300 for premiums you have already paid, minus a cancellation fee of $30 (10% of your remaining premiums). You can expect to receive a refund of $270 from MetLife.
Call MetLife to verify cancellation fee policies. Depending on your renewal date, state, and coverage options, you may or may not pay a cancellation fee.
How to Cancel a MetLife Auto Insurance Policy
You can cancel a MetLife auto insurance policy at any time. MetLife lets you cancel your insurance by phone or email.
Call 1-800-638-5433 to cancel your MetLife policy over the phone.
Alternatively, you can email MetLife to request policy cancellation. A MetLife representative will respond to your email with the next steps.
If you live near a MetLife office, you may also be able to cancel your policy with an agent in-person.
You will need your name, address, policy number, and the date on which you want coverage to end.
Other Things to Know When Canceling MetLife Insurance
People cancel insurance policies every day. It’s smart to shop around and compare coverages to ensure you’re getting the best possible deal.
However, here are some of the most important things to know when canceling your MetLife insurance policy:
Ensure You Have a New Policy in Place: Don’t cancel your MetLife policy before you have a new policy in place. Many people cancel their MetLife policy because they’re unhappy, only to find other insurers charge similar or more expensive rates.
Make Sure the New Policy Begins on the Date Your MetLife Policy Ends: Your new policy must begin on the same date your old MetLife policy ends to avoid a lapse in coverage. A lapse in coverage leaves you temporarily un-insured which is risky. Some insurers and state DMVs also punish you for lapsed insurance coverage. If you plan to continue driving after canceling your MetLife policy, then make sure your new policy begins on the date your MetLife policy ends.
Verify Coverages and Limits With Your New Insurer: MetLife has different coverages and limits than other insurers. Depending on your new insurance company, you may or may not qualify for the same coverages, limits, and discounts. Make sure your new insurer has the same coverages and limits. Otherwise, you could be under-insured.
Do the Math on Cancellation Fees: If MetLife is charging a cancellation fee, then you may want to wait until your renewal date to cancel your policy. MetLife may charge a cancellation fee of 10% of the remaining premiums, which could wipe out the savings you get by making the switch. Do the math to ensure you’re making a smart choice – and consider waiting until your renewal date to avoid a cancellation fee.
You Can Cancel at Any Time: MetLife, like most insurers, lets policyholders cancel at any time for any reason. Although you may pay a small cancellation fee, you can cancel your policy at the beginning, middle, or end of a term as needed. If you find an insurer with better coverage and pricing, then make the switch.
How to Avoid MetLife Cancellation Fees
If MetLife is charging a cancellation fee, then you may want to wait until your policy renewal date.
Most MetLife policies have terms of 6 to 12 months. If you wait until the 6th or 12th month of your policy, then you should be able to cancel without penalty.
However, if you want to cancel your MetLife policy in the middle of your term, and you don’t want to wait until renewal, then cancellation fees may be unavoidable.
MetLife Provides a Refund on Prepaid Premiums
MetLife, like most insurers, provides a refund on premiums you have already paid.
If you paid for a 12-month auto insurance policy upfront, for example, and cancel in month 10, then you will receive a refund on the final two months of premiums. You have already paid for these premiums, but you didn’t use the coverage.
MetLife may deduct a cancellation fee from your refund, if they are charging a cancellation fee at all.
Final Word – MetLife Cancellation Fees
MetLife doesn’t outline specific cancellation policy upfront. However, some MetLife policyholders report paying a cancellation fee of 10% of the remaining premiums.
Contact MetLife to verify whether or not you’ll pay a cancellation fee when canceling your car insurance policy. However, you should be able to avoid that cancellation fee by canceling your policy on your renewal date.