TD InsuranceCancellation Fee Guide
Official short rate table and cancellation fee calculator for TD Insurance (TD Meloche Monnex) policies
TD Insurance — marketed as TD Insurance and, for many group and affinity customers, as TD Meloche Monnex — is one of Canada's largest direct-to-consumer auto and home insurers. Unlike broker-distributed companies, TD sells and services most policies directly by phone, online, and through TD Bank channels, so you cancel directly with TD rather than through a middleman.
When you cancel a TD policy before its renewal date, TD does not charge a flat administrative fee. Instead it applies a short rate calculation: it keeps a percentage of your annual premium that climbs the longer the policy has been in force, and refunds the rest. Because this “earned” percentage runs higher than a simple day-by-day split, an early cancellation usually costs you a little more than the unused-time value of your policy.
How TD calculates your cancellation fee
TD uses a granular short rate schedule that steps up every few days — from about 14% of your premium earned in the first week to 97% once you are within a month of renewal. To estimate your refund, find the row matching how many days your policy was active, read the “earned” percentage, and subtract that share from your annual premium.
For example, on a $1,200 policy cancelled after 90 days, TD's schedule earns roughly 36% ($432), leaving a $768 refund. A straight pro rata refund for the same 90 days would return about $904 — so the short rate penalty here is around $136. The gap is widest in the middle of the term and narrows as you approach renewal.
How to cancel your TD Insurance policy
TD handles cancellations directly over the phone — there is no need to visit a branch. Have your policy in hand and be ready to confirm the exact date you want coverage to end, since that date determines how much of your premium is refunded.
- 1Call TD at 1-866-361-2311
- 2Have your policy number ready
- 3Specify your cancellation date
- 4Confirm the refund amount
- 5Request written confirmation
Refund processing: 5-10 business days. Cheque refunds may take 2-4 weeks.
Enter your premium to see dollar amounts below
TD Insurance Short Rate Schedule
Based on $1200 annual premium
| Days in Force | Earned % | Amount Earned | Refund |
|---|---|---|---|
| 1–4 days | 14% | $168.00 | $1,032.00 |
| 5–8 days | 15% | $180.00 | $1,020.00 |
| 9–12 days | 16% | $192.00 | $1,008.00 |
| 13–16 days | 17% | $204.00 | $996.00 |
| 17–20 days | 18% | $216.00 | $984.00 |
| 21–24 days | 19% | $228.00 | $972.00 |
| 25–28 days | 20% | $240.00 | $960.00 |
| 29–32 days | 21% | $252.00 | $948.00 |
| 33–36 days | 22% | $264.00 | $936.00 |
| 37–40 days | 23% | $276.00 | $924.00 |
| 41–44 days | 24% | $288.00 | $912.00 |
| 45–48 days | 25% | $300.00 | $900.00 |
| 49–52 days | 26% | $312.00 | $888.00 |
| 53–56 days | 27% | $324.00 | $876.00 |
| 57–60 days | 28% | $336.00 | $864.00 |
| 61–64 days | 29% | $348.00 | $852.00 |
| 65–68 days | 30% | $360.00 | $840.00 |
| 69–72 days | 31% | $372.00 | $828.00 |
| 73–76 days | 32% | $384.00 | $816.00 |
| 77–80 days | 33% | $396.00 | $804.00 |
| 81–84 days | 34% | $408.00 | $792.00 |
| 85–88 days | 35% | $420.00 | $780.00 |
| 89–92 days | 36% | $432.00 | $768.00 |
| 93–96 days | 37% | $444.00 | $756.00 |
| 97–100 days | 38% | $456.00 | $744.00 |
| 101–104 days | 39% | $468.00 | $732.00 |
| 105–108 days | 40% | $480.00 | $720.00 |
| 109–112 days | 41% | $492.00 | $708.00 |
| 113–116 days | 42% | $504.00 | $696.00 |
| 117–120 days | 43% | $516.00 | $684.00 |
| 121–124 days | 44% | $528.00 | $672.00 |
| 125–128 days | 45% | $540.00 | $660.00 |
| 129–132 days | 46% | $552.00 | $648.00 |
| 133–136 days | 47% | $564.00 | $636.00 |
| 137–140 days | 48% | $576.00 | $624.00 |
| 141–144 days | 49% | $588.00 | $612.00 |
| 145–148 days | 50% | $600.00 | $600.00 |
| 149–152 days | 51% | $612.00 | $588.00 |
| 153–156 days | 52% | $624.00 | $576.00 |
| 157–160 days | 53% | $636.00 | $564.00 |
| 161–164 days | 54% | $648.00 | $552.00 |
| 165–168 days | 55% | $660.00 | $540.00 |
| 169–172 days | 56% | $672.00 | $528.00 |
| 173–176 days | 57% | $684.00 | $516.00 |
| 177–180 days | 58% | $696.00 | $504.00 |
| 181–184 days | 59% | $708.00 | $492.00 |
| 185–188 days | 60% | $720.00 | $480.00 |
| 189–192 days | 61% | $732.00 | $468.00 |
| 193–196 days | 62% | $744.00 | $456.00 |
| 197–200 days | 63% | $756.00 | $444.00 |
| 201–204 days | 64% | $768.00 | $432.00 |
| 205–208 days | 65% | $780.00 | $420.00 |
| 209–212 days | 66% | $792.00 | $408.00 |
| 213–216 days | 67% | $804.00 | $396.00 |
| 217–220 days | 68% | $816.00 | $384.00 |
| 221–224 days | 69% | $828.00 | $372.00 |
| 225–228 days | 70% | $840.00 | $360.00 |
| 229–232 days | 71% | $852.00 | $348.00 |
| 233–236 days | 72% | $864.00 | $336.00 |
| 237–240 days | 73% | $876.00 | $324.00 |
| 241–244 days | 74% | $888.00 | $312.00 |
| 245–248 days | 75% | $900.00 | $300.00 |
| 249–252 days | 76% | $912.00 | $288.00 |
| 253–256 days | 77% | $924.00 | $276.00 |
| 257–260 days | 78% | $936.00 | $264.00 |
| 261–264 days | 79% | $948.00 | $252.00 |
| 265–268 days | 80% | $960.00 | $240.00 |
| 269–272 days | 81% | $972.00 | $228.00 |
| 273–276 days | 82% | $984.00 | $216.00 |
| 277–280 days | 83% | $996.00 | $204.00 |
| 281–284 days | 84% | $1,008.00 | $192.00 |
| 285–292 days | 85% | $1,020.00 | $180.00 |
| 293–296 days | 86% | $1,032.00 | $168.00 |
| 297–300 days | 87% | $1,044.00 | $156.00 |
| 301–308 days | 88% | $1,056.00 | $144.00 |
| 309–312 days | 89% | $1,068.00 | $132.00 |
| 313–316 days | 90% | $1,080.00 | $120.00 |
| 317–320 days | 91% | $1,092.00 | $108.00 |
| 321–325 days | 92% | $1,104.00 | $96.00 |
| 326–330 days | 93% | $1,116.00 | $84.00 |
| 331–335 days | 94% | $1,128.00 | $72.00 |
| 336–340 days | 95% | $1,140.00 | $60.00 |
| 341–345 days | 96% | $1,152.00 | $48.00 |
| 346–365 days | 97% | $1,164.00 | $36.00 |
How TD compares
Compared with insurers that use the standard industry short rate table (such as Aviva, CAA, or Pembridge), TD's schedule runs a little steeper through the middle of the term — around the 90-day mark it keeps roughly 36% of premium versus about 31% under the standard table. Where TD is more flexible is its pro rata exceptions: like most Canadian insurers, it generally waives the short rate penalty and refunds on a straight pro rata basis if you cancel because you sold your vehicle, moved out of province, or the car was written off as a total loss. If you also hold a TD home or bundled policy, ask how cancelling one affects your multi-policy discount before you commit.
Tips to minimize penalties
- • Wait until renewal if it's within 30 days — the short rate penalty is near its peak just before renewal, so finishing the term may cost less than cancelling early.
- • Ask about pro-rata — TD may waive penalties if you're selling your vehicle, moving provinces, or the car is a total loss.
- • Check bundle impact — cancelling one policy might remove a multi-policy discount on your remaining TD coverage.
Frequently Asked Questions
How much is the TD Insurance cancellation fee?
TD Insurance uses a short rate cancellation table rather than a flat fee. If you cancel early, the penalty is built into your refund: you receive less than a simple day-by-day (pro rata) split of your premium. On a $1,200 annual policy cancelled after about three months, the short rate penalty is roughly $100-$140 compared with a pro rata refund.
Does TD Insurance charge a separate cancellation fee?
No. TD Insurance does not add a standalone administrative cancellation fee. Instead it uses short rate cancellation, which means the penalty is absorbed into the refund calculation — TD keeps a slightly larger "earned" share of your premium than a pro rata cancellation would allow.
How do I cancel my TD Insurance policy?
Call TD Insurance at 1-866-361-2311, confirm the exact date you want coverage to end, return any documents if requested, and ask for written confirmation. Refunds are typically processed within 5-10 business days; cheque refunds can take 2-4 weeks.
Can I avoid TD Insurance cancellation penalties?
You may qualify for a penalty-free pro rata refund if you sell your vehicle, move out of province, or the vehicle is declared a total loss. Switching to another TD product instead of cancelling outright can also avoid the short rate penalty in some cases.
How long does a TD Insurance refund take?
TD typically processes cancellation refunds within 5-10 business days. If the refund is issued by cheque rather than returned to your original payment method, allow 2-4 weeks for it to arrive.
Sources & Verification
- ·TD Insurance short rate schedule, cross-checked against the standard Canadian short rate cancellation table.
- ·TD Insurance customer service line (1-866-361-2311) for current cancellation procedures and refund timelines.
- ·Reviewed by the CostExpert editorial team. Figures are estimates — confirm your exact refund with TD before cancelling.
Reviewed by CostExpert Editorial Team · Last verified June 2026
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