Is There a Fee to Cancel Nationwide Auto Insurance?
Last Updated on January 10, 2021
If you want to cancel your Nationwide car insurance policy, then you may be concerned about a cancellation fee.
Nationwide does not charge cancellation fees, and most policyholders can cancel a Nationwide car insurance policy in under 5 minutes online. In fact, Nationwide may refund premiums you have already paid.
Today, we’re explaining everything you need to know about Nationwide’s cancellation policies, including how Nationwide’s car insurance cancellation fees work.
No, Nationwide Does Not Charge Cancellation Fees
Most policyholders can cancel a policy, switch to a new provider, and receive a refund on prepaid premiums without paying a cancellation fee.
Policyholders typically switch to a new insurance provider when their current policy is set for renewal. If your current car insurance policy is about to expire, for example, then you might shop around, find a cheaper car insurance quote, and switch to a new provider.
However, you can switch to a new car insurance provider at any time – even in the middle of your policy. If you have already prepaid premiums, then you could receive a refund from Nationwide for those unused premiums.
How to Cancel Nationwide Car Insurance
It’s easy to cancel a Nationwide car insurance policy. Simply contact your Nationwide agent to request a cancellation. Or, call the company directly to request a cancellation.
The company recommends working through the following steps to cancel Nationwide car insurance:
- Contact your Nationwide agent to request a policy cancellation
- Use this tool to find your agent
- If you do not have an agent, or if you wish to call Nationwide directly, call 877-669-6877
Provide your account number along with your policy number or agent number. You also need your name, date of birth, address, and the desired date of cancellation.
After canceling your Nationwide car insurance policy, you will receive an email confirming the cancellation. You should receive this email shortly after your conversation with the Nationwide agent.
The best date to cancel car insurance is on the date your new policy begins. By starting your new policy on the date of cancellation, you avoid a lapse in coverage.
How to Receive a Refund on Nationwide Car Insurance
Nationwide, like most major car insurance companies in America, gives a refund to drivers for unused premiums.
If you have prepaid for car insurance for 6 months, for example, but cancel your policy in the third month, then you receive a refund for three months of unused premiums.
Nationwide refunds any prepaid days of coverage that would go unused after your cancellation.
If you paid for car insurance until October 31, for example, but choose October 15 for your policy cancellation date, then you receive a refund for the unused dates between October 15 and the end of the month.
You should receive a refund within 3 to 5 business days (if paying by credit card) or 7 to 10 business days (if paid by checking or ACH).
Some car insurance companies in the United States keep a portion of your prepaid premiums. This is similar to a car insurance cancellation fee. Although it’s possible Nationwide may do this in some states, we can find no reports online of Nationwide charging a cancellation fee.
How to Choose a Nationwide Car Insurance Cancellation Date
Choosing the right date is important when canceling car insurance. If you choose the wrong date, then you could mistakenly drive without insurance.
If you plan to continue driving under a new car insurance policy, then your new policy must begin on the date your old policy ends.
If you cancel your Nationwide car insurance policy on November 15, for example, then your new car insurance policy needs to begin on November 15.
When you cancel car insurance, it expires at 12:01 am on the cancellation date. If you waited to start your new policy the next day, then you would go one full day without insurance.
If you are selling your vehicle or no longer intend to drive, then you can cancel your car insurance policy at any time.
Other Things to Know Before Cancelling Nationwide Car Insurance
Insurance experts recommend shopping around for car insurance, comparing rates and quotes, and making sure you have the best coverage for the best price.
By comparing car insurance frequently, you can ensure you get the best coverage at the best price.
However, it’s important to consider some things before canceling your Nationwide car insurance policy:
Ask About Discounts: If you’re canceling your Nationwide car insurance policy because of price, then ask for a discount. Many companies offer loyalty discounts to customers with three or more years of coverage. You may not receive these discounts until you ask.
Ask to Match Rates: Did you receive a lower rate from a competing company? Insurance companies don’t typically match prices directly, but they may offer a lower rate or similar rate if you threaten to switch to a competing company.
Modify your Policy: Nationwide can adjust your car insurance policy as needed. If you’re moving to a new state, need new coverage, or have any life changes, then you can easily adjust your Nationwide car insurance policy to match these changes.
Double Check Extra Costs and Coverage: Competing insurers may dazzle you with lower rates and better coverage – only to surprise you with hidden fees and other charges. Double-check extra costs and coverage to make sure it’s a smart switch.
Cancel on the Right Date: If you cancel on the wrong date, you could accidentally drive without insurance. To avoid a lapse in coverage, make sure your cancellation date is the same date your new policy starts.
Final Word on Nationwide Cancellation Fees
Nationwide does not charge a cancellation fee. You can cancel your Nationwide car insurance policy at any time.
In fact, many Nationwide policyholders receive a full refund on prepaid premiums. If you have already paid your premiums upfront, then Nationwide will refund car insurance for your unused dates.
To cancel Nationwide car insurance, contact Nationwide today or call your Nationwide agent.