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The cooling-off period for insurance in Australia

What the insurance cooling-off period is in Australia, how the typical 14-day window works, when you can get a full refund, the situations where it does not apply, and how to cancel within it.

The cooling-off period is a consumer protection that gives you a short window after buying insurance to change your mind, cancel, and get your money back. It exists so you can read the fine print properly after you have bought — and back out if the policy is not what you thought.

How long you get

For most general insurance products in Australia, the cooling-off period is at least 14 days, running from when the policy starts or from when you receive your confirmation documents, whichever your PDS specifies. Some insurers voluntarily offer longer. The exact window is always stated in your policy documents, so check there rather than assuming.

What you get back

If you cancel within the cooling-off period, you are generally entitled to a full refund of the premium you paid — as long as you have not made a claim and, in most cases, have not already relied on the cover. This makes the cooling-off period a genuine no-risk window to review a new policy.

When it does not apply

  • You have already made a claim under the policy.
  • The period of cover has ended — for example a single-trip travel policy that has already finished.
  • Specific product exclusions set out in the PDS.
The cooling-off period is your chance to actually read the Product Disclosure Statement. If the excess, exclusions or sum insured are not what you expected, this is the window to cancel without penalty.

How to cancel within it

Contact the insurer before the period ends — in writing or through their cancellation process — quote your policy number, and confirm how and when the refund will be paid. Keep a record of the request and the date you made it, in case there is any dispute about timing.

Cancelling after the cooling-off period

You can still cancel a policy after the cooling-off period ends, but the terms change: you will usually receive a pro-rata refund for the unused portion of the cover, sometimes minus an administration fee. Check the cancellation terms in your PDS before you commit.

The cooling-off clock starts the moment cover begins — so it helps to have the confirmation and PDS somewhere you will actually see them. Insuro files your new policy documents automatically when you forward them to your private@insuro.com.auaddress, so the paperwork is there while the window is still open. Free during beta.

Frequently asked questions

How long is the cooling-off period for insurance in Australia?⌄

For most general insurance products it is at least 14 days from when the policy starts or from when you receive the confirmation, whichever the PDS specifies. Some insurers offer longer. Always check the exact period in your policy documents.

Do I get a full refund in the cooling-off period?⌄

Generally yes, provided you have not made a claim and, in most cases, have not started to rely on the cover. If you cancel within the cooling-off period you are usually entitled to a full refund of the premium.

When does the cooling-off period not apply?⌄

You typically lose the right to a full cooling-off refund if you have already made a claim under the policy, or in some cases if the period of cover has already ended (for example a very short travel policy). The PDS sets out the exact conditions.

How do I cancel within the cooling-off period?⌄

Contact the insurer in writing or through their cancellation process before the period ends, quote your policy number, and confirm the refund. Keep a record of the request and the date you sent it.

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