Process a mexican insurance refund at mexinsurance.com by following these instructions below.
You must cancel Daily Mexican Insurance PRIOR to policy start date/time.
What is “short rate?”
Often confused with the common U.S. insurance term “pro-rate”.
Often confused with the common U.S. insurance term “pro-rate”. “Short-Rate” is the calculation employed to determine a refund on a terminated mexican insurance policy. This is what it looks like:
Premium Amount Paid – (Days Used x Daily Rate) = Short Rate
Example: Client paid $250 for Annual Mexican Insurance, then cancels the policy after 2 days. In this example, the Short Rate is $25.00 and the refund credit is $225.
$250 – (2 x $12.50) = $225
If you cancel an Annual or Semi-Annual mexinsurance.com policy PRIOR to start, you will be charged a termination fee but the remainder will be listed as an account credit within your account. You will essentially receive a full refund on premium and only pay the fee since the insurance was never in effect.
In this scenario since no insurance was used, full refund minus broker fee will be available for credit.
If you cancel a Annual or Semi Annual AFTER the policy starts, then you will be charged a short-rate (daily rate) for the days used, and if there is a balance left over you will have that balance listed in your account as a Credit
So how do you get this mexican insurance refund back onto your credit card? Follow these steps:
1. Login and see the Credits tab with an indicator that you have a mexican insurance credit
2. Click on the Credits tab and see the pending mexican insurance Credit, then click the button
3. Validate your information, enter the credit card, and submit to finish