Mostly a south Indian festival, Vishu is the dawn of a new astronomical year, and the day marks the first day of the Malayalam month of Medam that corresponds with April in the Gregorian calendar.
They will issue a refund and depending on the method of refund, this should be completed within 28 days. You will be asked to return all documentation regarding the gap insurance you have cancelled and the cover will cease at this point.
In order to recover the depreciation, the vast majority of companies could not give me a set number of days in which to initiate a claim. From experience we know that some companies give 180 days, 365 days and two years. Even when you call the insurance company most staff members are unable to give you a date.