What is a Minimum Earned Premium?

  • Minimum earned premium sets the least an insurer receives, even if you cancel early. Think of it as a “non-returnable deposit” for protection.
  • It covers their costs from setting up your policy, even if you barely used it. Like paying a restaurant’s setup fee even if you leave after appetizers.
  • Check for it before buying, especially for short-term coverage, to avoid surprise fees from cancelling quickly.

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