An insurance policy is an option to help us feel protected from possible risks. Normally, an insurance policy must be paid monthly and covers a certain amount. There are different policies, so if your current policy does not suit your needs, you can always cancel it.
Lemonade handles insurance with annual contracts, so you can wait for compliance and not renew the policy. However, you can cancel your policy early or request changes within your chosen policy; anything is possible.
Canceling Lemonade Insurance
There are two ways to cancel a Lemonade insurance policy, free of charge, i.e., there is no early cancellation fee. The ways you can do this are by phone or mail; but either way, you should know that Lemonade will pay the funds left over from the last paid installment.
It is also important to know that notice of cancellation must be given, and the policy will be dropped when the notice and process are done, not before; therefore, those funds will not be returned.
Canceling from the telephone
Cancellation of the insurance policy via telephone is made through the customer service number: 1-844-733-8666. An automated menu will answer you, and you must ask to speak to a customer service agent to complete the transaction.
The agent will first ask you to verify all your personal and policy information to access your personal information. You will then be able to request cancellation of the policy or change of policy terms.
It is recommended to ask if anything is due because there may be debts, and the solvency of the debt must be paid before canceling.
Canceling from email
Another way to cancel the insurance policy is through email. To do so, write to help@lemonade.com, asking Lemonade’s customer service team to cancel the insurance policy.
In the email’s contents, you must attach all relevant information so that the team can legally access your account and cancel the insurance policy effectively.
Requirements to cancel Lemonade’s insurance policy
When canceling the insurance policy by phone or email, a series of requirements or information will be requested, which may vary. The requirements that customer service agents ask for are:
- The insurance policy number: they have this requirement to corroborate that it is you and that the insurance is linked to your personal information
- How long have you been covered or used the insurance: How long have you worked with Lemonade, even if you have changed any policy term or the type of insurance? Remember that Lemonade offers several types of insurance, such as pet insurance, homeowner’s insurance, life insurance, or renter’s insurance
- What is the cover price: You will also be asked what the policy coverage is to know if the last payments received match the coverage price
- What does it cover: It is one thing to say how much it covers and another to say what it covers; they will ask you, according to your terms, what type of insurance you have and what it covers
- The branch: They will probably ask you which branch the insurance was opened in so they can send the cancellation information and save or delete your record
- Terms and conditions: Another question that may arise is what were the terms and conditions accepted by both parties at the time the insurance account was opened, or perhaps emphasize what the terms were at the beginning of the contract
Automatically renew the insurance
If you do not wish to continue the insurance policy at the end of the contract year, you must give cancellation notice. Otherwise, Lemonade will assume that the customer wishes to continue their insurance plan from the past contract.
Therefore, monthly payments will be collected if the customer does not formally request policy cancellation.
If payments are not received, Lemonade will send an email warning of the debt; if no response or payment is received from the customer, Lemonade will automatically cancel the insurance, even if the customer did not want to cancel it, so it is important to keep the deadlines in mind and always contact either the branch office or a customer service agent.
References
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“Policy 2.0 by Lemonade Insurance | Lemonade.” Lemonade: An Insurance Company Built for the 21st Century, https://www.lemonade.com/policy-two.
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“Lemonade – Home.” Facebook – Log in or Sign Up https://www.facebook.com/Lemonade/.
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“Term (Policy Term) | Insurance Dictionary – Insuropedia by Lemonade.” Insuropedia, https://www.lemonade.com/insuropedia/dictionary/policy-term/.
María Laura Landino is a journalist who graduated from Boston University with more than four years of experience in the financial sector. He has been responsible for several research papers published by major universities.
Content Manager of allaboutgroup company. You will find me in job and Finance sections.