What to expect when cancelling
It’s important to remember that cancellations are not processed automatically. A licensed agent will review the cancellation request and may need to contact the policyholder(s) for more information or confirmation. As requests need to be reviewed by an agent, cancellations may take a few days to process. Cancellations cannot be requested for a date in the past. However, any processing delays will not affect the policyholder. For example, a request submitted on Sunday for immediate cancellation may not be processed until Monday but will be made effective on Sunday.
After cancellation, refunds are returned to the original payment method. For credit cards, refunds are processed the day the cancellation takes effect. If you paid through bank withdrawal, your refund will be processed either the day the cancellation takes effect or 10 days after your payment was withdrawn from your bank account. Generally, it can take up to a week for the refund to show in the customer’s bank account after Square One has processed the cancellation.
Customers may be subject to a $50 minimum retained premium. This will only impact those who have paid less than $50 total in premiums since purchasing the policy. For example, a $40/month policy is subject to a $50 minimum retained premium for only the first two months. After the second month, the minimum retained premium no longer applies.