Refund Policy

Effective date: 1st September 2022

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REFUNDS

Subject to the terms and conditions outlined in this policy, customers who have bought the insurance product through our website may request a refund or cancel their insurance purchase. Please carefully read this policy to understand our refund and cancellation policies.

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Product for motor insurance

Anytime the customer gives us a written notification, we can accept the cancellation of their vehicle insurance. If the customer cancels and does not file a claim, they are entitled to a return of the premium based on short-period rates. The following rates:

Period of Insurance - Refund of Premium

Not exceeding 1 week - 87.50% of the total premium

Not exceeding 1 month - 75.00% of the total premium

Not exceeding 2 months - 62.50% of the total premium

Not exceeding 3 months - 50.00% of the total premium

Not exceeding 4 months - 37.50% of the total premium

Not exceeding 6 months - 25.00% of the total premium

Not exceeding 8 months - 12.50% of the total premium

Exceeding 8 months - No refund of premium allowed

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Insurance Period

Any written notice for a refund or cancellation request must be given to CoverOn, who will then pass it to the insurer. The cancellation request will be handled by the insurer, who will also be in charge of processing any refunds.

The insurer may also cancel this policy by issuing the customer a fourteen (14) day written notice sent by registered mail to the company's most recent address on file with CoverOn. If there was no claim filed prior to termination, the customer will be eligible for a refund of the premium. You will get a refund equal to the discrepancy between the total premium and the standard short-term rates mentioned above, computed for the period from the moment the insurer assumed risk to the cancellation date. Depending on the terms and conditions of the insurance policy the insurers are offering, this clause could only apply to a certain insurers.

You acknowledge that every refund request is processed on a case-by-case basis solely by the appropriate insurance company and NOT BY COVERON. If a request for a refund is accepted and paid, the agency maintains the right to investigate, and the timeframe for the return may differ. All reimbursement decisions are made at the insurer's discretion, and the user will be notified via the Site whether his request has been granted.

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Cancellation Fee

Any order cancellation in compliance with the policy is subject to a processing charge not to exceed RM5 (unless otherwise informed). If a user asks the insurance company for a refund, CoverOn maintains the right to levy an administrative fee. You can get help from CoverOn by getting in touch with our team through the website if you believe you were unfairly charged a processing fee.

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CONTACT US

For more information or to initiate a return request, please get in touch with our Customer Support team by sending an email on hello@coveron.my