Economical Insurance (Definity)Short Rate Table
Official short rate cancellation table for Economical Insurance (Definity) insurance policies in Canada
Calculate Your Refund
Economical Insurance (Definity) Short Rate Schedule
Showing refund calculations based on $1200 annual premium
| Days in Force | Premium Earned % | Amount Earned | Refund Amount | vs Pro Rata |
|---|---|---|---|---|
| 1-30 days | 15.2% | $182.40 | $1,017.60 | -$131.44 (11.0%) |
| 31-60 days | 23.4% | $280.80 | $919.20 | -$131.21 (10.9%) |
| 61-90 days | 31.7% | $380.40 | $819.60 | -$132.18 (11.0%) |
| 91-120 days | 39.9% | $478.80 | $721.20 | -$131.95 (11.0%) |
| 121-150 days | 48.1% | $577.20 | $622.80 | -$131.72 (11.0%) |
| 151-180 days | 56.3% | $675.60 | $524.40 | -$131.49 (11.0%) |
| 181-210 days | 61.5% | $738.00 | $462.00 | -$95.26 (7.9%) |
| 211-240 days | 69.7% | $836.40 | $363.60 | -$95.03 (7.9%) |
| 241-270 days | 77.9% | $934.80 | $265.20 | -$94.80 (7.9%) |
| 271-300 days | 84.2% | $1,010.40 | $189.60 | -$71.77 (6.0%) |
| 301-330 days | 92.4% | $1,108.80 | $91.20 | -$71.54 (6.0%) |
| 331-365 days | 100% | $1,200.00 | $0.00 | -$55.89 (4.7%) |
About Economical Insurance (Definity) Cancellations
- • Minimum premium retained: varies by policy
- • Processing time: 2-4 weeks for refund
- • Method: Cheque or original payment method
- • Required: Written cancellation request
Pro Rata Exceptions
Economical Insurance (Definity) may offer pro-rata (no penalty) cancellation for:
- • Switching to another Economical Insurance (Definity) policy
- • Vehicle sold with proof of sale
- • Moving out of coverage area
- • Total loss claims
Ready to Calculate Your Exact Economical Insurance (Definity) Refund?
Use our calculator with your specific policy dates for an accurate refund estimate
Understanding Economical Insurance (Definity) Short Rate Cancellations
When you cancel your Economical Insurance (Definity) insurance policy before its expiration date, the company uses this short rate table to calculate your refund. The short rate method ensures Economical Insurance (Definity) retains enough premium to cover administrative costs and the risk they assumed while your policy was active.
How to Read This Table
Find the number of days your policy was active in the first column. The "Premium Earned %" shows how much of your annual premium Economical Insurance (Definity) keeps. The remaining percentage is your refund, minus any outstanding amounts.
Tips for Cancelling Economical Insurance (Definity) Insurance
- Time it right: The penalty percentage increases significantly in the first few months. If possible, wait until closer to renewal.
- Ask about exceptions: Economical Insurance (Definity) may waive penalties for certain situations like financial hardship or if you are switching to another Economical Insurance (Definity) product.
- Get it in writing: Always request written confirmation of your cancellation date and refund amount.