Openly provides a discount for quotes with an Effective Date (Contract Term) of eight or more days in the future. For new quotes, the system defaults the Effective Date (Contract Term) to eight days from the quote creation date to apply this discount automatically to the annual premium.
- For a cancel rewrite, the advance quote discount cannot be transferred to the new policy.
- If the Effective Date (Contract Term) 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 (Contract Term) can impact a premium, see our article How Does a Policy's Effective Date Change the Premium? To change a policy's Effective Date (Contract Term) before the contract term begins, see our article How Do I Change or Update a Policy's Effective Date (Contract Term)?
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