Budget insurance

Cancelling your Van Insurance policy

If you want to cancel your van insurance policy, please make sure you read and understand the following bullet points. Don’t forget that it’s an offence to drive a van without insurance.

  • You can cancel at any time during the life of your van insurance policy before the expiry date. Remember that cancelling a Direct Debit instruction doesn’t mean that the van insurance policy has been cancelled as well
  • You can cancel a policy by telling us at any time before the expiry date and it will be cancelled immediately. Or, you can ask for it to be cancelled on a specific date in the future
  • We’ll always send you a letter to confirm that your van insurance policy has been cancelled
  • If you cancel your van insurance policy following a claim, or any incident that results in a claim, you will still have to pay the full premium
  • Under the Financial Services (Distance Marketing) Regulations 2004, you are entitled to a proportional refund of your premium if you cancel within 14 days of receiving your policy documents. We will pay the refund when we receive the Certificates of Motor Insurance or signed declaration form. You might have to pay a cancellation fee and you won’t be entitled to a refund for any fees or charges you’ve already paid
  • If you cancel your van insurance policy after 14 days, we’ll charge you for the time you’ve had insurance cover. You will also have to pay us a cancellation fee. The cancellation fee will be calculated according to the terms and conditions of our contract with you, set out in the ‘Important information about our insurance intermediary services’ section of your policy documentation. When you cancel your van insurance policy, additional products such as Breakdown Assistance and Motor Legal Protection will also be cancelled at the same time. We will only refund premiums for additional products if you cancel your van insurance policy within 14 days of receiving your policy documents
  • Refunds are paid back into the account that the premiums were paid from unless the account holder has died. In that case, we will need confirmation in writing of the name of the executor of the deceased person’s estate so that a cheque can be sent to them
  • We will issue proof of No Claims Discount when all of the premiums or fees owed have been paid

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