Cancelling your Wrisk policy is free, and as painless as we can make it.
Wrisk provides cover on a perpetual basis (as opposed to annual contracts which need to be renewed each year), meaning you continue to be on cover until you, or Wrisk, cancels.
If you wish to cancel your policy with us you can do so through your smartphone app (tap cancel your cover at the bottom of the cover details screen) or by contacting us. When we receive your cancellation request we will stop your cover immediately and you will no longer be protected.
We will also refund any unused premium back to you.
How we calculate your premium refund
We take a payment from the credit/debit card details added to your account on a monthly basis in advance.
If you cancel during your 'cooling-off period' you will be fully refunded all premium paid.
If you cancel after your 'cooling-off period', we will refund you for the cover you have not used for the remainder of the month, free of charge and on a pro rata basis.
Example: cancellation within third month of cover – pro rata premium refund
Let’s say you started your cover with Wrisk at 12pm on the 1st January and you made a request to cancel at 12pm on the 12th March. You are due a refund for the remainder of March for the unused insurance. This is for a 19.5 day period.
For a monthly premium of £10.00 this would mean a refund of £6.29 with no cancellation fee.
Cancelling after you have made an amendment to your cover is slightly different
When you add an optional named item to be insured with Wrisk, the way we price for insurance in the first 7 days is different. The reason for this is the potential for fraud (yes. It happens sadly) and something called short-term cover.
We wanted to keep our Wrisk app flexible, with everything feeling almost instantaneous. This means if you wanted to, you could put something on cover and then cancel almost immediately. Our data scientists and actuaries quickly realised that the way we need to price for customers using Wrisk for short-term cover (i.e. just one week or less) is different.
There’s a bunch of geeky stuff on how this works which we will happily explain if you care, but instead, here’s how it will impact you:
- We charge and refund amendments to cover at your next billing date (rather than instantly when you make the change).
- So, if you make an amendment to your cover mid-month but cancel this within 7 days we will still charge you for the full 7 days of short-term cover at your next billing date.
- Likewise, if you make a change on your billing date and therefore pay up-front for the month we will retain the full 7 days even if you cancel this item earlier.
Let’s say you have a policy in place for £10 a month and 2 days before your next billing date you add a phone for another £10 a month. If you stayed on cover, at your next billing date you would be charged £10 (for the original cost of the policy) + £10 (for the next month of phone cover) + 67p (2 days of mobile phone cover for the previous month).
However, if you decided to cancel your policy on your billing date then we would have to charge you for 7 days of cover (£2.33) for your mobile phone even though you only had the item on cover for 2 days This is because we will always retain premium for the first 7 days of cover (i.e. short-term cover).
After this we always calculate refunds and charges on a pro-rata basis.
This sounds complex – are you trying to rip me off?
Not at all. Actively pricing to account for short-term cover makes things better for the vast majority of Wrisk customers.
In fact, the good news is that if you use Wrisk like most people, a rolling perpetual policy provides a better alternative to the typical annual ones you find in the market. You’ll benefit not only from more flexibility, but from some pretty competitive pricing. Most importantly – we won’t ever hit you with a cancellation fee.