Openly provides a discount for quotes with an effective date (policy term) of eight or more days in the future. For new quotes, the system defaults the effective date to eight days from the quote creation date to apply this discount automatically to the term premium.
- For a cancel rewrite, the Advance Quote Discount cannot be transferred to the new policy.
- If the effective date is moved closer to the quote creation date, the discount may be removed.
- The Advance Quote Discount will gradually reduce at subsequent renewals.
To learn more about how the effective date can impact a premium, see our article How Does a Policy's Effective Date Change the Premium? To change a policy's effective date before the contract term begins, see our article How Do I Change or Update a Policy's Effective Date (Contract Term)?
For further assistance, contact us via our webform or Live Chat.