Is it too late to cancel my Fronx booking?

A few days ago, I paid a token Rs. 5000 booking amount with a dealer in my city for the top end Fronx (Alpha AT). The dealer himself was content with this amount vs the regular Rs. 11,000 and generated a receipt for the same.

He also went ahead and got an insurance made for the vehicle with HDFC Ergo (I gave him an OTP for this). Only after the policy was generated did I notice the VIN number on the document, which states that the vehicle is from July of this year, while I want something current and I don't mind waiting. On talking to the dealer, he is asking me to do the PDI and then decide.

Meanwhile, I have upped my budget slightly and have taken a liking to the Sonet DCT. Can I cancel my Fronx booking without fuss? What do I do about this insurance thing? So far, I am only Rs. 5000 out of pocket.