What procedures must be followed should a policy need to be cancelled,i.e. vehicle sold? Can it be cancelled with immediate effect or must there be a 30 day notice period. Can it be done telephonically? Will premium for the month paid be refunded?
Below please find an excerpt from our policy documentation dealing with policy cancellations …
Policy changes and cancellation
Any change or cancellation, which I make, will be effective from the time and date agreed to. MiWay may change or cancel my policy by giving me 30 days notice. MiWay may give me notice verbally, electronically, by fax or by post to my last known address. For cancellations I must also take into consideration “Payment not received” and “Deliberate or fraudulent acts”.
Refunds when my policy gets cancelled
If I cancel my policy before the end of the stated period of insurance, MiWay will refund the proportionate amount of my premium for the remaining period to me, less any administrative costs.
If a premium has been paid for any period beyond the date of cancellation of this policy, MiWay will refund the relevant portion.
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