TD Insurance Cancellation Fee Guide 2025
TD Insurance, formerly known as TD Meloche Monnex, is one of Canada's largest direct-to-consumer insurance providers. As a subsidiary of TD Bank Group, they serve millions of Canadians with auto, home, and tenant insurance products.
About TD Insurance
TD Insurance has been serving Canadians since 1853, making it one of the oldest and most established insurance providers in the country. They offer competitive rates through their direct sales model, meaning you deal directly with TD Insurance rather than through a broker. This direct approach often results in lower premiums, but it also means you'll need to contact TD directly for any policy changes, including cancellations.
TD Insurance is known for offering discounts to members of professional associations, alumni groups, and TD Bank customers. However, when it comes to cancellation, TD uses the same short rate table as most other Canadian insurers, which means you'll face penalties if you cancel before your policy term ends.
How to Cancel TD Insurance
- 1.Call TD Insurance at 1-866-361-2311
- 2.Have your policy number ready
- 3.Specify your desired cancellation date
- 4.Confirm the refund amount before proceeding
- 5.Request written confirmation by email
TD Insurance Refund Timeline
- Processing time: 5-10 business days
- Refund method: Original payment method
- Credit card refunds: 2-3 billing cycles
- Cheque refunds: 2-4 weeks by mail
Tips to Minimize TD Insurance Cancellation Penalties
- • Wait until renewal: If your renewal is within 30 days, it may be cheaper to wait and simply not renew
- • Ask about pro-rata: TD may offer pro-rata cancellation if you're selling your vehicle or moving provinces
- • Bundle consideration: If you have multiple TD policies, cancelling one might affect your multi-policy discount on others
- • Time your cancellation: Penalties decrease as you get closer to your renewal date—use our calculator to find the optimal time
TD InsuranceShort Rate Table
Official short rate cancellation table for TD Insurance insurance policies in Canada
Calculate Your Refund
TD Insurance Short Rate Schedule
Showing refund calculations based on $1200 annual premium
| Days in Force | Premium Earned % | Amount Earned | Refund Amount | vs Pro Rata |
|---|---|---|---|---|
| 1-4 days | 14% | $168.00 | $1,032.00 | -$159.78 (13.3%) |
| 5-8 days | 15% | $180.00 | $1,020.00 | -$158.63 (13.2%) |
| 9-12 days | 16% | $192.00 | $1,008.00 | -$157.48 (13.1%) |
| 13-16 days | 17% | $204.00 | $996.00 | -$156.33 (13.0%) |
| 17-20 days | 18% | $216.00 | $984.00 | -$155.18 (12.9%) |
| 21-24 days | 19% | $228.00 | $972.00 | -$154.03 (12.8%) |
| 25-28 days | 20% | $240.00 | $960.00 | -$152.88 (12.7%) |
| 29-32 days | 21% | $252.00 | $948.00 | -$151.73 (12.6%) |
| 33-36 days | 22% | $264.00 | $936.00 | -$150.58 (12.5%) |
| 37-40 days | 23% | $276.00 | $924.00 | -$149.42 (12.5%) |
| 41-44 days | 24% | $288.00 | $912.00 | -$148.27 (12.4%) |
| 45-48 days | 25% | $300.00 | $900.00 | -$147.12 (12.3%) |
| 49-52 days | 26% | $312.00 | $888.00 | -$145.97 (12.2%) |
| 53-56 days | 27% | $324.00 | $876.00 | -$144.82 (12.1%) |
| 57-60 days | 28% | $336.00 | $864.00 | -$143.67 (12.0%) |
| 61-64 days | 29% | $348.00 | $852.00 | -$142.52 (11.9%) |
| 65-68 days | 30% | $360.00 | $840.00 | -$141.37 (11.8%) |
| 69-72 days | 31% | $372.00 | $828.00 | -$140.22 (11.7%) |
| 73-76 days | 32% | $384.00 | $816.00 | -$139.07 (11.6%) |
| 77-80 days | 33% | $396.00 | $804.00 | -$137.92 (11.5%) |
| 81-84 days | 34% | $408.00 | $792.00 | -$136.77 (11.4%) |
| 85-88 days | 35% | $420.00 | $780.00 | -$135.62 (11.3%) |
| 89-92 days | 36% | $432.00 | $768.00 | -$134.47 (11.2%) |
| 93-96 days | 37% | $444.00 | $756.00 | -$133.32 (11.1%) |
| 97-100 days | 38% | $456.00 | $744.00 | -$132.16 (11.0%) |
| 101-104 days | 39% | $468.00 | $732.00 | -$131.01 (10.9%) |
| 105-108 days | 40% | $480.00 | $720.00 | -$129.86 (10.8%) |
| 109-112 days | 41% | $492.00 | $708.00 | -$128.71 (10.7%) |
| 113-116 days | 42% | $504.00 | $696.00 | -$127.56 (10.6%) |
| 117-120 days | 43% | $516.00 | $684.00 | -$126.41 (10.5%) |
| 121-124 days | 44% | $528.00 | $672.00 | -$125.26 (10.4%) |
| 125-128 days | 45% | $540.00 | $660.00 | -$124.11 (10.3%) |
| 129-132 days | 46% | $552.00 | $648.00 | -$122.96 (10.2%) |
| 133-136 days | 47% | $564.00 | $636.00 | -$121.81 (10.2%) |
| 137-140 days | 48% | $576.00 | $624.00 | -$120.66 (10.1%) |
| 141-144 days | 49% | $588.00 | $612.00 | -$119.51 (10.0%) |
| 145-148 days | 50% | $600.00 | $600.00 | -$118.36 (9.9%) |
| 149-152 days | 51% | $612.00 | $588.00 | -$117.21 (9.8%) |
| 153-156 days | 52% | $624.00 | $576.00 | -$116.05 (9.7%) |
| 157-160 days | 53% | $636.00 | $564.00 | -$114.90 (9.6%) |
| 161-164 days | 54% | $648.00 | $552.00 | -$113.75 (9.5%) |
| 165-168 days | 55% | $660.00 | $540.00 | -$112.60 (9.4%) |
| 169-172 days | 56% | $672.00 | $528.00 | -$111.45 (9.3%) |
| 173-176 days | 57% | $684.00 | $516.00 | -$110.30 (9.2%) |
| 177-180 days | 58% | $696.00 | $504.00 | -$109.15 (9.1%) |
| 181-184 days | 59% | $708.00 | $492.00 | -$108.00 (9.0%) |
| 185-188 days | 60% | $720.00 | $480.00 | -$106.85 (8.9%) |
| 189-192 days | 61% | $732.00 | $468.00 | -$105.70 (8.8%) |
| 193-196 days | 62% | $744.00 | $456.00 | -$104.55 (8.7%) |
| 197-200 days | 63% | $756.00 | $444.00 | -$103.40 (8.6%) |
| 201-204 days | 64% | $768.00 | $432.00 | -$102.25 (8.5%) |
| 205-208 days | 65% | $780.00 | $420.00 | -$101.10 (8.4%) |
| 209-212 days | 66% | $792.00 | $408.00 | -$99.95 (8.3%) |
| 213-216 days | 67% | $804.00 | $396.00 | -$98.79 (8.2%) |
| 217-220 days | 68% | $816.00 | $384.00 | -$97.64 (8.1%) |
| 221-224 days | 69% | $828.00 | $372.00 | -$96.49 (8.0%) |
| 225-228 days | 70% | $840.00 | $360.00 | -$95.34 (7.9%) |
| 229-232 days | 71% | $852.00 | $348.00 | -$94.19 (7.8%) |
| 233-236 days | 72% | $864.00 | $336.00 | -$93.04 (7.8%) |
| 237-240 days | 73% | $876.00 | $324.00 | -$91.89 (7.7%) |
| 241-244 days | 74% | $888.00 | $312.00 | -$90.74 (7.6%) |
| 245-248 days | 75% | $900.00 | $300.00 | -$89.59 (7.5%) |
| 249-252 days | 76% | $912.00 | $288.00 | -$88.44 (7.4%) |
| 253-256 days | 77% | $924.00 | $276.00 | -$87.29 (7.3%) |
| 257-260 days | 78% | $936.00 | $264.00 | -$86.14 (7.2%) |
| 261-264 days | 79% | $948.00 | $252.00 | -$84.99 (7.1%) |
| 265-268 days | 80% | $960.00 | $240.00 | -$83.84 (7.0%) |
| 269-272 days | 81% | $972.00 | $228.00 | -$82.68 (6.9%) |
| 273-276 days | 82% | $984.00 | $216.00 | -$81.53 (6.8%) |
| 277-280 days | 83% | $996.00 | $204.00 | -$80.38 (6.7%) |
| 281-284 days | 84% | $1,008.00 | $192.00 | -$79.23 (6.6%) |
| 285-292 days | 85% | $1,020.00 | $180.00 | -$71.51 (6.0%) |
| 293-296 days | 86% | $1,032.00 | $168.00 | -$63.78 (5.3%) |
| 297-300 days | 87% | $1,044.00 | $156.00 | -$62.63 (5.2%) |
| 301-308 days | 88% | $1,056.00 | $144.00 | -$54.90 (4.6%) |
| 309-312 days | 89% | $1,068.00 | $132.00 | -$47.18 (3.9%) |
| 313-316 days | 90% | $1,080.00 | $120.00 | -$46.03 (3.8%) |
| 317-320 days | 91% | $1,092.00 | $108.00 | -$44.88 (3.7%) |
| 321-325 days | 92% | $1,104.00 | $96.00 | -$42.08 (3.5%) |
| 326-330 days | 93% | $1,116.00 | $84.00 | -$37.64 (3.1%) |
| 331-335 days | 94% | $1,128.00 | $72.00 | -$33.21 (2.8%) |
| 336-340 days | 95% | $1,140.00 | $60.00 | -$28.77 (2.4%) |
| 341-345 days | 96% | $1,152.00 | $48.00 | -$24.33 (2.0%) |
| 346-365 days | 97% | $1,164.00 | $36.00 | --$4.77 (-0.4%) |
About TD Insurance Cancellations
- • Minimum premium retained: varies by policy
- • Processing time: 2-4 weeks for refund
- • Method: Cheque or original payment method
- • Required: Written cancellation request
Pro Rata Exceptions
TD Insurance may offer pro-rata (no penalty) cancellation for:
- • Switching to another TD Insurance policy
- • Vehicle sold with proof of sale
- • Moving out of coverage area
- • Total loss claims
Ready to Calculate Your Exact TD Insurance Refund?
Use our calculator with your specific policy dates for an accurate refund estimate
Understanding TD Insurance Short Rate Cancellations
When you cancel your TD Insurance insurance policy before its expiration date, the company uses this short rate table to calculate your refund. The short rate method ensures TD Insurance retains enough premium to cover administrative costs and the risk they assumed while your policy was active.
How to Read This Table
Find the number of days your policy was active in the first column. The "Premium Earned %" shows how much of your annual premium TD Insurance keeps. The remaining percentage is your refund, minus any outstanding amounts.
Tips for Cancelling TD Insurance Insurance
- Time it right: The penalty percentage increases significantly in the first few months. If possible, wait until closer to renewal.
- Ask about exceptions: TD Insurance may waive penalties for certain situations like financial hardship or if you are switching to another TD Insurance product.
- Get it in writing: Always request written confirmation of your cancellation date and refund amount.
Understanding TD Insurance's Short Rate Penalty
When you cancel a TD Insurance policy before the end of your term, TD doesn't simply refund the unused portion of your premium. Instead, they use a "short rate" calculation that includes a penalty for early cancellation.
For example, if you paid $1,200 for an annual policy and cancel after 3 months, you might expect a $900 refund (75% of $1,200). However, with short rate cancellation, TD retains a larger portion of the premium—typically 10-15% more than a pro-rata calculation would suggest. Your actual refund might be closer to $765-$810.
This penalty exists because insurance companies incur upfront costs when issuing a policy, including administrative fees, commission payments, and underwriting expenses. The short rate penalty helps insurers recover these costs when a policy is cancelled early.
Need help with a different insurer? Try our universal calculator or compare rates below.
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