There are a range of reasons why people may choose to cancel their insurance policy. They may have signed the policy as an "impulse buy" and changed their mind shortly after, perhaps they may have found a better, cheaper policy that suits their insurance needs better. Whatever the reasons, there are many laws that protect your rights as a consumer if you choose to cancel your insurance. Most policies have a 14 day "cool off period", during which you can cancel your policy without incurring any penalties. It is wise to revise your insurance schedule during that time to ensure you are entirely satisfied with the terms. Once the cool off period has expired, you will usually need to give at least 1 months' written notice if you choose to cancel your insurance. Often, there will be some financial repercussions to cancelling within the first 6 months, although this varies from insurance company to insurance company.