Canceling an insurance policy before its expiration date can affect the amount of premium you receive back. Whether you have homeowners insurance, commercial property insurance, auto insurance, or another type of coverage, understanding how cancellation refunds work can help you avoid unexpected financial costs. One important method used by insurance companies is called the short rate cancellation method.
Short Rate Cancellation Calculator
Calculate the refund or earned premium when an insurance policy is canceled before its expiration date using the short rate cancellation method.
Short Rate Cancellation Formula
Pro-Rata Unearned Premium:
Annual Premium × (Unused Policy Days ÷ Total Policy Days)
Short Rate Penalty:
Pro-Rata Unearned Premium × Penalty Percentage
Refund Amount:
Pro-Rata Unearned Premium − Short Rate Penalty − Non-Refundable Fees
Important: The standard short rate table in this calculator is an illustrative approximation, not an official insurer-specific table. Actual cancellation refunds depend on the insurance policy, jurisdiction, insurer rules, and applicable fees.
The Short Rate Cancellation Calculator is a practical tool designed to estimate how much money you may receive when canceling an insurance policy before the end of its coverage period. It considers the original annual premium, policy start date, cancellation effective date, expiration date, short rate penalty, non-refundable fees, and the amount already paid.
Unlike a simple pro-rata cancellation, where the unused portion of the premium is generally returned based on the remaining policy period, short rate cancellation applies an additional penalty. This means the insurance company may retain a larger portion of the premium than the amount corresponding to the time you actually received coverage.
Our Short Rate Cancellation Calculator makes this process easier by calculating the used policy days, unused policy days, percentage of coverage used, unearned premium, short rate penalty, earned premium, and estimated final refund.
It provides three calculation methods: a standard short rate table approximation, a custom short rate penalty, and a daily pro-rata calculation with an additional penalty percentage. You can select the method that best matches the information available in your insurance agreement.
Whether you are a policyholder planning to switch insurance providers, an insurance agent estimating cancellation charges, or a business owner reviewing insurance expenses, this calculator can help you understand the financial impact of early policy cancellation.
What Is Short Rate Cancellation?
Short rate cancellation is an insurance policy cancellation method in which the insurer retains an additional portion of the unearned premium when a policyholder voluntarily cancels coverage before the scheduled expiration date.
When you purchase an insurance policy, you generally pay a premium for a specific coverage period. For example, if you purchase an annual policy, the premium covers approximately 12 months of insurance protection.
If you cancel the policy after six months, some of the premium relates to the remaining six months of coverage that you will no longer receive.
Under a basic pro-rata cancellation method, you would generally receive the unused portion of the premium, subject to applicable fees and policy terms.
However, under short rate cancellation, the insurer applies an additional charge or penalty to the unearned premium.
This penalty compensates the insurance company for administrative expenses and other costs associated with early voluntary cancellation, where permitted by the applicable policy and regulations.
Simple Example
Suppose you purchase an annual insurance policy for $1,200 and cancel it after six months.
Under a simplified pro-rata calculation:
- Annual premium: $1,200
- Policy period: 365 days
- Used period: 182 days
- Unused period: 183 days
- Unearned premium: Approximately $601.64
If a short rate penalty of 10% applies to the unearned premium, the penalty would be approximately $60.16.
Your estimated refund before other fees would be:
$601.64 − $60.16 = $541.48
This example demonstrates why a short rate refund may be lower than a pro-rata refund.
What Is a Short Rate Cancellation Calculator?
A Short Rate Cancellation Calculator is an online financial tool that estimates the refund or remaining balance associated with canceling an insurance policy before its expiration date.
Instead of calculating policy days and cancellation penalties manually, you can enter the required information and receive an estimated cancellation breakdown.
The calculator considers several important details:
- Total annual insurance premium.
- Policy start date.
- Cancellation effective date.
- Policy expiration date.
- Short rate calculation method.
- Applicable short rate penalty.
- Non-refundable insurance fees.
- Premium already paid.
After entering these details, the calculator determines the policy duration, coverage already used, remaining coverage period, unearned premium, penalty amount, earned premium, and estimated refund.
It also calculates whether an additional amount may be due based on the premium already paid and the estimated earned premium.
This makes it useful for understanding both sides of an insurance cancellation: the amount the insurer may return and the amount the policyholder may still need to pay.
How to Use the Short Rate Cancellation Calculator
Using this calculator is straightforward. Follow these steps to estimate your insurance cancellation refund.
Step 1: Enter the Total Annual Premium
Start by entering the total annual premium of your insurance policy.
The annual premium is the amount charged for the full policy period, usually one year.
For example, if your annual homeowners insurance premium is $1,500, enter 1500 in the premium field.
Make sure you enter the correct premium amount because all subsequent calculations depend on this figure.
Step 2: Select the Policy Start Date
Enter the date when your insurance coverage originally started.
This date determines the beginning of the policy period.
For example, if your policy started on January 1, 2026, select that date.
Step 3: Enter the Cancellation Effective Date
Select the date when your insurance cancellation becomes effective.
This is one of the most important inputs because it determines how many days of insurance coverage have already been used.
For example, if you want your policy to end on July 1, 2026, enter July 1, 2026.
Use the effective cancellation date confirmed by your insurer rather than the date you first requested cancellation.
Step 4: Enter the Policy Expiration Date
Provide the original expiration date of your insurance policy.
For an annual policy beginning January 1, 2026, the expiration date may be December 31, 2026, depending on the policy’s stated effective and expiration times.
Always follow the dates shown in your insurance documents.
Step 5: Select a Short Rate Calculation Method
The calculator provides three calculation methods.
Option 1: Standard Short Rate Table (Approximate)
This option uses an illustrative short rate schedule to determine the penalty based on the proportion of the policy period already used.
It is helpful when you want a general estimate without entering a specific penalty percentage.
However, the calculator’s schedule is approximate and is not an official insurance company table.
Option 2: Custom Short Rate Penalty (%)
Choose this option when you know the short rate penalty percentage specified in your insurance agreement.
Enter the percentage in the additional field.
For example, if the applicable penalty is 10%, enter 10.
Option 3: Daily Pro-Rata with Penalty (%)
This method calculates the unused premium using the remaining policy days and applies an additional penalty percentage.
It is useful when you want to estimate the cancellation amount using a specific penalty rather than the illustrative table.
Step 6: Enter Non-Refundable Fees
Enter any applicable non-refundable fees associated with the policy.
These may include certain administrative or policy-related charges, depending on the insurer and policy agreement.
For example, if the applicable non-refundable fees total $35, enter 35.
If there are no non-refundable fees, leave the default value at zero.
Only include fees that are actually applicable under your policy terms.
Step 7: Enter Premium Already Paid
Enter the amount you have already paid toward your insurance premium.
For example, if you have paid the full annual premium of $1,500, enter 1500.
If you have made partial payments totaling $750, enter 750.
This information helps the calculator estimate whether you may receive a refund or have an additional balance due.
Step 8: Click the Calculate Button
After completing all required fields, click the Calculate button.
The calculator processes your information and displays the cancellation results.
Step 9: Review Your Results
The results section includes:
- Policy duration.
- Days used.
- Unused policy days.
- Percentage of policy used.
- Pro-rata unearned premium.
- Short rate penalty.
- Earned premium.
- Non-refundable fees.
- Final refund amount.
- Additional amount due.
Review each result to understand how the cancellation affects your insurance premium.
Step 10: Copy Your Results
If you want to save your calculation, click the Copy Results button.
The calculator prepares a summary containing the entered calculation results.
You can paste this information into a document, email, spreadsheet, or personal financial record.
Short Rate Cancellation Formula Explained
Understanding the formula helps you see how an insurance cancellation refund is calculated.
The calculator uses several mathematical steps to determine the estimated refund.
1. Total Policy Duration
The first step is calculating the total number of days between the policy start date and expiration date.
Formula:
Total Policy Days = Policy Expiration Date − Policy Start Date
For example:
- Start date: January 1, 2026
- Expiration date: January 1, 2027
Total duration = 365 days.
The calculator measures the difference between the dates rather than automatically counting both endpoints as full days.
2. Days Used
Days used represent the portion of the insurance policy that has already passed before cancellation.
Formula:
Days Used = Cancellation Effective Date − Policy Start Date
Example:
- Policy start date: January 1
- Cancellation date: July 1
Days used = 181 days in a non-leap year.
3. Unused Policy Days
Unused policy days represent the remaining coverage period after cancellation.
Formula:
Unused Policy Days = Total Policy Days − Days Used
For example:
- Total policy days: 365
- Days used: 181
Unused days = 184.
4. Percentage of Policy Used
This calculation determines what percentage of the original insurance period has already been used.
Formula:
Percentage Used = (Days Used ÷ Total Policy Days) × 100
For example:
If 181 days have been used out of 365 total days:
(181 ÷ 365) × 100 = 49.59%
This means approximately 49.59% of the policy period has passed.
5. Pro-Rata Unearned Premium
The unearned premium represents the portion of the original premium associated with the unused policy period before applying the short rate penalty.
Formula:
Pro-Rata Unearned Premium = Annual Premium × (Unused Policy Days ÷ Total Policy Days)
Example:
- Annual premium: $1,500
- Unused days: 184
- Total days: 365
Calculation:
$1,500 × (184 ÷ 365) = $756.16
The estimated pro-rata unearned premium is $756.16.
6. Short Rate Penalty
The short rate penalty is an additional amount deducted from the unearned premium.
Formula:
Short Rate Penalty = Pro-Rata Unearned Premium × Penalty Percentage
Example:
- Unearned premium: $756.16
- Penalty: 10%
Calculation:
$756.16 × 10% = $75.62
The short rate penalty is approximately $75.62.
7. Earned Premium
Earned premium represents the amount retained for the coverage period already used, including the short rate penalty under the calculator’s calculation model.
Formula:
Earned Premium = Annual Premium − Unearned Premium + Short Rate Penalty
Example:
$1,500 − $756.16 + $75.62 = $819.46
The estimated earned premium is $819.46.
8. Final Refund Amount
The final refund is calculated by deducting the short rate penalty and non-refundable fees from the unearned premium.
Formula:
Final Refund = Pro-Rata Unearned Premium − Short Rate Penalty − Non-Refundable Fees
Example:
- Unearned premium: $756.16
- Penalty: $75.62
- Non-refundable fees: $25
Calculation:
$756.16 − $75.62 − $25 = $655.54
The estimated refund is $655.54.
The calculator does not display a negative refund. If deductions exceed the unearned premium, the refund is shown as zero.
9. Additional Amount Due
The calculator also estimates whether the policyholder has an additional balance to pay.
Formula:
Additional Amount Due = Maximum of Zero or (Earned Premium + Fees − Premium Already Paid)
For example:
- Earned premium: $819.46
- Non-refundable fees: $25
- Premium already paid: $750
Calculation:
$819.46 + $25 − $750 = $94.46
The estimated additional amount due is $94.46.
This calculation is particularly useful when an insurance policy has been paid through installments or when the total amount paid is less than the estimated earned premium and applicable fees.
Short Rate Cancellation Calculation Methods
The calculator offers three different methods. Understanding their differences can help you choose an appropriate option.
| Calculation Method | How It Works | Best Used For |
|---|---|---|
| Standard short rate table | Applies an illustrative penalty based on policy usage | General estimates |
| Custom penalty | Uses a user-entered penalty percentage | Policies with a known penalty |
| Daily pro-rata with penalty | Calculates unused premium using remaining days and applies a percentage | Day-based estimates |
Standard Short Rate Table Method
The standard short rate table method uses a schedule that assigns different penalty percentages according to the proportion of the policy period used.
Generally, the longer the policy has been active, the smaller the remaining unearned premium becomes.
The calculator uses an illustrative schedule rather than an insurer-specific official table.
Actual insurance companies may use different schedules, formulas, minimum premiums, or cancellation charges.
Custom Penalty Method
The custom method allows you to enter a penalty percentage manually.
This is useful when your insurance documents specify the applicable penalty.
For example, if your policy states that a 12% penalty applies to the pro-rata unearned premium, you can enter 12%.
The calculator then applies that percentage to the unused premium.
Daily Pro-Rata with Penalty Method
This method starts by calculating the unused premium according to the number of remaining policy days.
It then applies the additional penalty percentage you enter.
This approach is helpful when you want to compare different penalty assumptions while keeping the policy dates unchanged.
Practical Examples of Short Rate Cancellation
The following examples demonstrate how the calculator works under different circumstances.
Example 1: Homeowners Insurance Cancellation
Suppose a homeowner purchases an annual insurance policy with a premium of $1,800.
The policy details are:
| Description | Value |
|---|---|
| Annual premium | $1,800 |
| Total policy days | 365 |
| Days used | 150 |
| Unused days | 215 |
| Short rate penalty | 10% |
| Non-refundable fees | $30 |
First, calculate the pro-rata unearned premium:
$1,800 × (215 ÷ 365) = $1,060.27
Next, calculate the short rate penalty:
$1,060.27 × 10% = $106.03
Finally, calculate the estimated refund:
$1,060.27 − $106.03 − $30 = $924.24
Estimated refund: $924.24
The homeowner may receive approximately $924.24, assuming the entered penalty and fees match the applicable policy terms.
Example 2: Commercial Property Insurance Cancellation
A business owner decides to cancel a commercial property insurance policy before its expiration date.
The annual premium is $3,000, and the cancellation takes place after 200 days of coverage.
The calculation details are:
| Description | Value |
|---|---|
| Annual premium | $3,000 |
| Total policy days | 365 |
| Days used | 200 |
| Unused days | 165 |
| Penalty percentage | 15% |
| Non-refundable fees | $50 |
Calculate the unused premium:
$3,000 × (165 ÷ 365) = $1,356.16
Calculate the penalty:
$1,356.16 × 15% = $203.42
Calculate the refund:
$1,356.16 − $203.42 − $50 = $1,102.74
Estimated refund: $1,102.74
The business owner can use this estimate when reviewing the financial impact of switching insurance providers.
Example 3: Auto Insurance Cancellation
Suppose a driver has an annual auto insurance premium of $1,200 and decides to cancel the policy after 90 days.
Assume the policy has 365 total days and a 5% custom penalty.
- Annual premium: $1,200
- Days used: 90
- Unused days: 275
- Penalty: 5%
- Fees: $20
Pro-rata unearned premium:
$1,200 × (275 ÷ 365) = $904.11
Penalty:
$904.11 × 5% = $45.21
Estimated refund:
$904.11 − $45.21 − $20 = $838.90
The estimated cancellation refund is $838.90.
Actual auto insurance cancellation rules depend on the insurer, policy type, and applicable jurisdiction.
Understanding Your Calculator Results
After completing a calculation, it is important to understand what each result means.
| Result | Meaning |
|---|---|
| Policy Duration | Total number of days in the policy period |
| Days Used | Number of days that have passed before cancellation |
| Unused Policy Days | Remaining days after cancellation |
| Percentage Used | Proportion of the policy period already completed |
| Pro-Rata Unearned Premium | Estimated premium associated with unused days |
| Short Rate Penalty | Additional deduction applied to unearned premium |
| Earned Premium | Estimated amount retained for coverage and penalty |
| Non-Refundable Fees | Fees deducted from the refund |
| Final Refund | Estimated refund after applicable deductions |
| Additional Amount Due | Estimated unpaid balance, if any |
These results provide a clear breakdown of the financial calculation instead of showing only one final number.
Short Rate vs. Pro-Rata Cancellation
Short rate and pro-rata cancellation are two different methods of calculating insurance cancellation amounts.
Understanding the difference is important because it can significantly affect the refund you receive.
Pro-Rata Cancellation
Under pro-rata cancellation, the insurer generally calculates the earned premium according to the amount of time coverage was provided.
The unused premium is calculated according to the remaining policy period.
For example, if you cancel a policy halfway through its term, approximately half of the annual premium may be considered unearned before applicable adjustments.
Short Rate Cancellation
Under short rate cancellation, an additional penalty is deducted from the unearned premium.
This means the refund is generally lower than the corresponding pro-rata amount when a short rate penalty applies.
| Feature | Pro-Rata Cancellation | Short Rate Cancellation |
|---|---|---|
| Calculation basis | Time used | Time used plus penalty |
| Additional penalty | Generally none | Usually applicable |
| Refund amount | Generally higher | Generally lower |
| Main consideration | Coverage period | Coverage period and cancellation terms |
| Typical use | Where pro-rata cancellation applies | Where short rate cancellation applies |
The actual method used depends on the policy agreement and applicable insurance regulations. Short rate charges are not automatically applicable to every insurance cancellation.
Factors That Affect Short Rate Cancellation Refunds
Several factors can influence the final amount you receive after canceling an insurance policy.
1. Original Annual Premium
Your original annual premium is the starting point of the calculation.
A higher annual premium generally results in a higher unearned premium when the same proportion of the policy remains unused.
2. Cancellation Date
The cancellation effective date directly affects the number of used and unused policy days.
Canceling earlier generally leaves more unused premium than canceling later, assuming the same annual premium and calculation method.
3. Policy Duration
The total policy period determines how the premium is divided between used and unused coverage.
Annual policies, short-term policies, and policies with unusual effective dates may produce different results.
4. Short Rate Penalty
The penalty percentage has a direct effect on the final refund.
For example, a 15% penalty produces a larger deduction than a 5% penalty when both are applied to the same unearned premium.
5. Non-Refundable Fees
Some policies include fees that are not refundable after cancellation.
These fees reduce the amount returned to the policyholder when they are legally and contractually applicable.
6. Premium Already Paid
The amount already paid affects whether you may receive a refund or owe an additional balance.
If you have paid less than the earned premium and applicable fees, an additional amount may be due.
Benefits of Using a Short Rate Cancellation Calculator
Calculating insurance cancellation charges manually can take time, particularly when the policy dates and penalty percentages are involved.
An online calculator makes the process easier.
1. Saves Time
The calculator performs the date and premium calculations automatically.
You do not need to calculate policy days or percentages manually.
2. Provides a Detailed Breakdown
Instead of displaying only the final refund, it shows the different components used in the calculation.
This makes it easier to understand how the final amount is determined.
3. Supports Multiple Calculation Methods
You can select an illustrative short rate table, enter a custom penalty, or use the daily pro-rata method.
This provides flexibility for different estimation needs.
4. Helps With Financial Planning
Knowing your estimated cancellation refund can help you plan the cost of switching insurance providers or adjusting your insurance coverage.
5. Helps Identify Additional Payments
The calculator estimates whether an additional balance may be due based on the premium already paid.
This can help prevent unexpected financial surprises.
6. Allows Easy Result Sharing
The Copy Results feature makes it easier to save or share the calculation with an insurance agent, financial adviser, or personal records.
Common Situations Where Short Rate Cancellation Applies
Short rate calculations may be relevant in several insurance-related situations, depending on the applicable policy provisions.
Switching insurance providers: A policyholder may cancel an existing policy after finding another insurance provider. Understanding the cancellation amount helps compare the financial impact of switching.
Selling a property: A property owner who sells an insured building may need to cancel or update the existing insurance policy.
Closing a business: A business that permanently closes may need to cancel commercial insurance policies before their scheduled expiration dates.
Changing insurance coverage: A policyholder may decide to replace an existing policy with another coverage arrangement.
Selling a vehicle: A vehicle owner who sells a car may no longer need the existing auto insurance policy, although cancellation requirements vary by jurisdiction.
In these situations, checking the cancellation terms before submitting a request can help you understand the possible financial consequences.
Important Tips Before Canceling an Insurance Policy
Before canceling your insurance coverage, consider the following points.
- Review your insurance agreement: Check the cancellation section to determine whether short rate penalties apply.
- Confirm the effective date: Ask your insurer to confirm the exact date when coverage will end.
- Check outstanding payments: Make sure you understand any unpaid premium installments.
- Ask about non-refundable fees: Confirm which fees will be deducted from your refund.
- Compare cancellation methods: Check whether pro-rata or short rate cancellation applies.
- Arrange replacement coverage: Avoid unnecessary gaps in insurance protection when switching providers.
- Request a written refund estimate: Ask your insurer for an official cancellation calculation.
- Keep cancellation records: Save your cancellation confirmation and any refund statements.
Most importantly, do not assume that an online estimate represents the amount your insurance company is legally required to refund.
Limitations of the Short Rate Cancellation Calculator
Although this calculator provides useful estimates, it is important to understand its limitations.
First, the standard short rate table included in the tool is illustrative. It may not match the official cancellation schedule used by your insurance provider.
Second, insurance companies may apply minimum earned premiums, special endorsements, additional charges, taxes, or other contractual adjustments that are not included in the calculator.
Third, the calculator uses the annual premium entered by the user as the calculation basis. If the policy has multiple coverage sections or separate premiums, the actual calculation may require additional information.
Fourth, the calculator does not independently verify your insurance agreement or determine whether a short rate penalty is legally permitted.
Finally, the result depends on the accuracy of the information entered. Incorrect policy dates, premiums, fees, or penalty percentages can produce an inaccurate estimate.
For these reasons, use the calculator as a planning and estimation tool. Contact your insurer for an official cancellation statement before making financial decisions.
Frequently Asked Questions (FAQs)
1. What is a short rate cancellation calculator?
A Short Rate Cancellation Calculator is an online tool that estimates the refund or additional balance associated with canceling an insurance policy before its expiration date. It considers the annual premium, policy dates, penalty percentage, fees, and amount already paid.
2. How does short rate cancellation work?
Short rate cancellation calculates the unused portion of an insurance premium and applies an additional cancellation penalty. The penalty reduces the amount that may be refunded to the policyholder.
3. What is the difference between short rate and pro-rata cancellation?
Pro-rata cancellation generally calculates the unused premium based on the remaining policy period. Short rate cancellation applies an additional penalty to the unearned premium, which generally results in a lower refund.
4. How do I calculate a short rate refund?
First, calculate the unearned premium using the unused policy days. Then subtract the applicable short rate penalty and non-refundable fees.
The basic formula is:
Refund = Unearned Premium − Short Rate Penalty − Non-Refundable Fees.
5. What is an unearned premium?
An unearned premium is the portion of an insurance premium associated with the remaining coverage period that has not yet been used. It forms the starting point for calculating an insurance cancellation refund.
6. What is a short rate penalty percentage?
A short rate penalty percentage is the percentage used to calculate an additional cancellation deduction. It is generally applied to the pro-rata unearned premium, according to the applicable policy terms.
7. Can I use this calculator for auto insurance?
Yes. You can use the calculator to estimate auto insurance cancellation refunds by entering the annual premium, policy dates, applicable penalty, fees, and amount already paid. However, your insurer’s actual cancellation rules may differ.
8. Can I use this calculator for homeowners insurance?
Yes. The calculator can estimate cancellation refunds for homeowners insurance policies. Enter the relevant premium and policy information, then select the appropriate calculation method.
9. What happens if I cancel my policy halfway through the year?
If you cancel halfway through an annual policy, approximately half of the original premium may represent unused coverage under a simple pro-rata calculation. If short rate cancellation applies, an additional penalty may reduce the refund.
10. Are non-refundable fees included in the calculation?
Yes. The calculator includes a separate field for non-refundable fees. Enter the applicable amount, and the calculator deducts it from the estimated refund.
11. What does additional amount due mean?
Additional amount due represents an estimated outstanding balance when the earned premium and applicable fees exceed the premium already paid. It helps identify whether you may need to make an additional payment after cancellation.
12. What happens if I cancel my policy on its expiration date?
If you cancel on the expiration date entered in the calculator, there are no unused policy days remaining under its date calculation. Therefore, the calculator shows no cancellation refund.
13. Can I calculate a refund without knowing the short rate penalty?
Yes. You can select the standard short rate table option to receive an illustrative estimate. However, the built-in schedule is not an official insurer-specific table, so the result may differ from your actual refund.
14. Does every insurance company use short rate cancellation?
No. Insurance companies and policies may use different cancellation methods. Some use pro-rata calculations, while others may apply short rate penalties or specific minimum earned premium provisions. The applicable policy terms and regulations determine which method is permitted.
15. Is the short rate cancellation calculator accurate?
The calculator performs its mathematical calculations using the information entered. However, its result is an estimate rather than an official insurance refund quote. Actual refunds may differ because of insurer-specific cancellation tables, policy conditions, applicable regulations, and additional charges.
Conclusion
The Short Rate Cancellation Calculator is a useful tool for estimating insurance refunds when a policy is canceled before its scheduled expiration date. It simplifies the process by calculating policy duration, used days, unused days, unearned premium, short rate penalties, earned premium, non-refundable fees, and additional amounts due.
With three calculation methods, the calculator provides flexibility for different estimation requirements. You can use the standard short rate table approximation, enter a custom penalty percentage, or calculate a daily pro-rata refund with an additional penalty.
Understanding how short rate cancellation works can help you make more informed decisions when switching insurance providers, selling property, closing a business, or changing your insurance coverage.
Always review your insurance agreement and confirm the applicable cancellation charges with your insurer. The calculator is designed to provide a helpful estimate, while your insurance company can provide the official cancellation refund and final payment details.