Customers who have purchased any insurance products through this website may apply for a refund or cancellation of the insurance product purchased, subject to the terms and condition as listed in this policy.
The premium for this insurance product cannot be refunded and/or cancelled. All request for the refund of premium of cancellation of this insurance product will not be entertained.
i. Customer’s motor insurance may be cancelled at any time by giving a written notice to us. Upon cancellation, the customer is entitled to a refund of the premium based on short-period rates provided that the customer has not made a claim. The rates as follows:
|Period of Insurance||Refund of Premium|
|Not exceeding 1 week||87.5% of the total premium|
|Not exceeding 1 month||75.0% of the total premium|
|Not exceeding 2 months||62.5% of the total premium|
|Not exceeding 3 months||50.0% of the total premium|
|Not exceeding 4 months||37.5% of the total premium|
|Not exceeding 6 months||25.0% of the total premium|
|Not exceeding 8 months||12.5% of the total premium|
|Exceeding 8 months||No refund of premium allowed|
ii. For matters of refund and cancellation, all written notice must be sent to Qompanion and will thereafter be forwarded to the Insurer. The Insurer will process the request for cancellation and will be the party responsible for the refund.
iii. The insurer may also cancel this Policy by giving the customer fourteen (14) days notice in writing by registered post to the customer’s last address known to Qompanion. The customer will be entitled to a refund of premium if no claim was incurred prior to cancellation. Your refund will be the difference between the total premium and the customary short period rates provided above as calculated for the time the Insurer were on risk until the date of cancellation. This clause may only apply to certain Insurers, subject to the terms and conditions of the insurance product offered by the Insurers.