If you recently canceled your policy and noticed a withdrawal from your account, it is typically due to cancellation fees. These fees are applied when you cancel your policy before the end of the contract term.
Most insurance companies charge a fee ranging from 2% to 7% of your premium, with higher percentages applied earlier in the policy term. For example, canceling an $800 annual insurance policy might cost you between $16 and $56.
Additionally, you may be charged a prorated premium amount for the coverage period up to the cancellation date. The total amount, including cancellation fees and the final premium balance, will be invoiced to you after the cancellation is processed. For a detailed breakdown of these charges, please refer to your policy documents.