Short Rate CancellationCalculator
Calculate exact insurance cancellation penalties using official short rate tables from Canadian insurers
Currently Supports
Click any company to view their rate table
Calculate Your Short Rate Penalty
Enter your policy details below to calculate cancellation fees and refund amount
Understanding Short Rate Calculations
How It Works
Short rate cancellation applies a penalty when you cancel your insurance policy before its expiration date. The penalty compensates the insurer for administrative costs and lost business.
- •Penalties typically range from 10% to 20%
- •The earlier you cancel, the higher the penalty
- •Each insurer has their own rate table
Avoid Penalties
You may qualify for pro-rata cancellation (no penalty) if:
- ✓You sell your vehicle or home
- ✓The insurer cancels your policy
- ✓You switch to another policy with the same insurer
- ✓Total loss or death of insured
💡 Pro Tip
Always request your cancellation in writing and keep a copy for your records. Some insurers may waive penalties for financial hardship or other qualifying circumstances.
Understanding Short Rate Cancellations
What is a Short Rate Cancellation?
A short rate cancellation occurs when you cancel your insurance policy before its expiration date. Unlike pro-rata cancellations, short rate cancellations include a penalty fee that reduces your refund amount.
How Short Rate Tables Work
Insurance companies use predetermined short rate tables to calculate penalties. These tables show what percentage of your premium you'll receive back based on how long your policy was active. The longer you keep the policy, the smaller the penalty.
Short Rate vs Pro Rata
- •Short Rate: Includes a penalty fee (typically 10% minimum)
- •Pro Rata: No penalty - you only pay for the time covered
Learn more about Short Rate vs Pro Rata cancellations→
💡 Tip: Some insurers waive short rate penalties if you're switching to another policy with them or if the cancellation is due to selling your vehicle/home.
Company-Specific Short Rate Tables
Each insurance company has its own short rate table. Our calculator includes official tables from: