Insurance services like Toggle provide consumers with the safety and security they need to protect their assets and maintain their peace of mind. But there may come a time when you need to cancel your insurance policy, for any number of reasons. In this comprehensive guide, we’ll explore the process of cancelling a Toggle insurance policy, the reasons for cancellation, and essential points to keep in mind.
Steps to Cancel Your Toggle Insurance
Cancelling your Toggle insurance is a straightforward process, and you can do so in various ways – by phone, via mail, or through PayPal.
1. Cancelling by Phone
To cancel your policy by phone, you can call Toggle’s customer support line at 855-864-1530. Be prepared with your policy number and personal identification information. After speaking with a customer service representative and providing your reasons for cancellation, they’ll guide you through the cancellation process.
2. Cancelling Via Mail
To cancel by mail, write a letter stating your intent to cancel. Include your policy number, effective date of cancellation, and reason for cancelling. Mail this letter to Toggle’s corporate office.
3. Cancelling Via PayPal
If you’re using PayPal for your Toggle payments, you can also cancel your insurance through this platform. Go to your PayPal dashboard, find the recurring payments section, locate your Toggle insurance, and cancel the subscription.
Points to Remember When Cancelling
When cancelling your Toggle insurance, remember:
- Policy Refunds: Refunds are processed the same day as policy cancellations, and it may take up to three days to reflect in your account.
- First Month’s Premium: Toggle retains the first month’s premium if you cancel within the first month of your policy.
- Policy Term: If you cancel your policy within the initial policy term, any refund will be computed based on 90% of a daily pro-rata basis for the full term premium.
About Toggle Insurance
Launched in 2018, Toggle is an insurance company operating under the umbrella of Farmers, a well-established name in the industry. Its primary focus is on offering personalized renters insurance policies with unique add-ons, catering to a variety of coverage needs such as side-hustle and pet owner protections.
Toggle’s approach to coverage differs significantly from traditional insurers, with a base policy that covers your personal belongings, renters liability coverage, and medical payments to others. Additional features such as Pet Parent coverage, Side Hustle coverage, and Identity Protector coverage can be included at an extra cost.
Benefits of Toggle Insurance
Toggle Insurance shines in its customizable coverage options. Besides its unique add-ons, Toggle covers scenarios other companies often overlook, such as damage from earthquakes and floods. Moreover, they offer policyholders discounts on a range of products and services through partner brands, further enhancing the value proposition of their policies.
Reasons for Cancelling Toggle Insurance
There are numerous reasons why a policyholder might choose to cancel their Toggle insurance. Some of the most common include:
- Moving to a state where Toggle insurance isn’t available.
- Financial changes leading to the need for budget adjustments.
- Finding a more competitive insurance rate with another provider.
- Changes in coverage needs due to life changes such as marriage, having children, or retirement.
Renewal Cost
If you cancel and later decide to reinstate your policy, keep in mind the renewal cost. This could be subject to changes in rates and your current circumstances.
Conclusion
While Toggle provides an excellent range of personalized coverage options, it’s essential to understand the cancellation process and the potential reasons for doing so. This guide serves as a comprehensive resource to help you navigate the steps, whether you’re cancelling by phone, via mail, or through PayPal. Always ensure you’re aware of the policy terms and conditions and consider the impact of cancelling your insurance coverage.
FAQs
1. Is Toggle Insurance legitimate?
Yes, Toggle is a legitimate insurance company backed by Farmers, a company with a history dating back to 1928.
2. How do I reach Toggle customer service for cancellation?
You can reach Toggle customer service by calling 855-864-1530, emailing support@gettoggle.com, or using the chat function on their website.
3. Are there any penalties for cancelling Toggle insurance?
There’s no penalty for cancelling, but Toggle retains the first month’s premium if you cancel within the first month of your policy. Also, if you cancel within the initial policy term, any refund due will be computed based on 90% of a daily pro-rata basis for the full term premium.
Michael is a seasoned finance professional based in the USA, working at West Bank Corp. With a decade’s worth of experience specializing in credit cards, banking, and card activations, his deep insights have been instrumental in enhancing operational efficiency at his organization. He’s a recognized thought-leader, constantly learning and sharing his knowledge in the ever-evolving banking industry.
