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You may cancel the policy any time, provided no claim has arisen during the current period of the coverage.

The insured shall be entitled to a return of the premium according to the Short Period Rates for the period when the Policy has been in force.

However, as CTPL is required by law, the cancellation made by the Insured shall not be effective unless he has secured a similar policy of insurance or surety bond to replace the Policy to be canceled or make a cash deposit in sufficient amount with the Commissioner and without any gap file within five (5) working days from the date of cancellation the required documentation with the Bureau of Land Transportation under Section 394 of the Amended Insurance Code.

Learn more about Shopee Insurance FAQs, CTPL Insurance, and Purchasing Motor Insurance.