Temporary coverage requires a draft of one month’s premium (monthly rate) from your bank account. The temporary coverage payment is a one-time charge that is based on the expected one month rate of the policy—more like a down payment than a fee. If you are approved for coverage, the temporary coverage payment will be applied to your first month’s premium. If you cancel or are declined, the payment is refunded in full. Refunds typically take 7-10 business days to process.