If you cancel your policy within the 14-day cooling-off period you’ll be refunded, less any time you’ve been covered for already. Some insurers may charge an admin fee, so check the policy terms and conditions. The 14-day cooling-off period starts when you receive the paperwork, and it's an entitlement by law for all types of insurance.

If you choose to cancel your policy after the 14-day cooling-off period, you may be charged a cancellation fee.

If you paid for your policy in full upfront, your refund will be calculated on a pro-rata basis minus any charges. For example, if you cancelled your policy after nine months, you'd be entitled to a refund of three months, minus any cancellation fees or administration fees.

If you pay for your insurance monthly, then you might not get a refund. In fact, you may have to pay extra to cover the time you've been insured, as well as a cancellation fee and any administration charges.