If you would like to cancel insurance on an item simply:
Locate the item you want to uninsure from your home screen [My Stuff];
Click on the item you would like to cancel insurance on;
Now you have 2 options:
a) Click "uninsure" at the bottom right (the item will remain in your stuff, but will not be insured.
b) Remove the item at the top right completely (the item will no longer be insured and will be removed from your asset stuff).
When does the cover end and will I be refunded?
The premium we charge at Pineapple is a monthly premium. What this means is that it averages the risk for an entire month based on actuarial assumptions.
For example:
John Doe owns a drone
The average person flies their drone 3 times a month
The risk to damage is a lot higher when the drone is flown, than when it is stored at home (which is assumed to be 0 for the sake of the example).
We take into account the risk of 3 flights and quote a premium R100 per flight
John pays R300 per month (this is will be what you pay at Pineapple).
What this means is that if we were to allow John to switch his premium on and off on the 3 days that he flies he would pay:
R300 [monthly premium] / 30 [days per month] = R10 [Daily premium]
R10 [Daily premium] x 3 [active days] = R30 [as he is only active for 3 days]
John now pays a lot less than other Pineapplers for what is essentially the same risk [other Pineapplers don't switch cover on and off and also fly 3 times per month] and disadvantages other Pineapplers.
This is not fair to the community
The rule at Pineapple is that when an item is uninsured the cover will stop at the end of the month as premiums are based on a monthly average.
To top it off, since we return all unused premium, you know that we are not charging what we do to increase our margins, but rather to protect the Pineapple community.