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How do you get money back from car insurance?
I managed to pay my loan off early, so I'd like to remove some coverages from my car insurance policy. How do I get money back my car insurance when I remove the extra coverages?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congratulations on paying off your loan!
To see if you’ll get money back after changing or removing insurance coverage, you’ll want to contact your
car insurance company
. If they have an app or website, you may be able to change your coverage there as well. Whether you get money back will depend on how you pay for your policy.
If you paid your premium in full at the start of your policy term, you’ll usually receive a prorated refund for any unused coverage. If you pay monthly for your insurance, you typically won’t get a refund as you are paying for your coverage as you go. However, if you remove coverage, your future monthly payments will be less.
If you’re looking for other ways to save money, consider shopping around with other insurance companies. You can do this easily with the
Jerry
app. Jerry collects quotes from the top insurance providers in seconds, ensuring you always have the best rate and coverage. Congratulations again on paying off your loan! That’s huge.”
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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