They might charge you about $50, and you’d only get $250 back. This is called “short-rate” cancellation. Most companies charge a fee. Progressive, for example, will charge a $50 early cancellation fee if you cancel in the first six months. If you cancel after having the policy for more than six months, they will refund the prorated amount due to you after cancellation without charging you extra. Most other companies will impose an early termination fee based on a downward-sliding formula as you near the end of the contract.