Meloche Monnex lets me pay in 12 payments!

[OpenGambit]

Hello Ladies, Gents... Kind of off topic here but does anyone know what the consequences are for riding your bike before the effective insurance date? TD Meloche has mailed me my insurance slips and policy information however not effective until a couple of weeks. I'm assuming it would be just like riding without insurance but just want to know if anyone has done this before.... Such a nice day today to not be able to ride...lol

TD Meloche monnex on a pay as you ride plan. Paying insurance for 10 months out of the year.

Its Riding without Insurance.

[F4i_Guy]

i just signed up with them and they wouldnt let me spread it over 12 months..... and also wouldnt let me have Comp coverage unless i had an alarm on my bike.... Anyone else?

[murf]

Yeeep. but I got the discount rate anyway, for being student

Don't they ask for a pro engineer license number?

[tricky]

Don't they ask for a pro engineer license number?

Right, yea. I didn't get the discount for the SMP PEO program, I got the discount for being a Ryerson student instead

[VifferFun]

Hello Ladies, Gents... Kind of off topic here but does anyone know what the consequences are for riding your bike before the effective insurance date? TD Meloche has mailed me my insurance slips and policy information however not effective until a couple of weeks. I'm assuming it would be just like riding without insurance but just want to know if anyone has done this before.... Such a nice day today to not be able to ride...lol

TD Meloche monnex on a pay as you ride plan. Paying insurance for 10 months out of the year.

Yes, we've had some unseasonably awesome weather, but your insurance is only effective for the date range listed on your policy. TD policies take effect on April 1st, so unless you are a renewal client, you can't take your bike to the streets until then. I know you might think the risk is low, you will be kicking yourself if you are caught up in a collision over the next two weeks. Your chances of a collision are actually quite high right now due to many factors:

1.) Your skills will be rusty since you likely haven't rode in a while
2.) Cars on the road won't be used to looking for motorcycles yet and may not see you
3.) The roads may still dirty with winter crap that hasn't had enough rain to wash it away yet

In short, just wait it out.

[just_luc]

I just switched the TD Meloche Monnex a week ago.. less then half my rate was at state farm, got it down to $918 a year for my 650r.. my policy was effective immediately though.. emailed me the slip, good to go same day.. not sure why others are being told April 1st.

[VifferFun]

I just switched the TD Meloche Monnex a week ago.. less then half my rate was at state farm, got it down to $918 a year for my 650r.. my policy was effective immediately though.. emailed me the slip, good to go same day.. not sure why others are being told April 1st.

All TD policies have a renewal date of April 1st. What are the effective and expiry dates on your slip? Did they issue you a slip for March XX, 2012 to March 31, 2012?

[just_luc]

All TD policies have a renewal date of April 1st. What are the effective and expiry dates on your slip? Did they issue you a slip for March XX, 2012 to March 31, 2012?

Nope, I just double checked to make sure.. I've got the slips in front of me right now, March 10th 2012 to March 10th 2013.

[VifferFun]

Nope, I just double checked to make sure.. I've got the slips in front of me right now, March 10th 2012 to March 10th 2013.

That's weird -- I was always told that they forced motorcycle renewals at April 1st due to their not-so-conventional premium-earning schedule.

[just_luc]

That's weird -- I was always told that they forced motorcycle renewals at April 1st due to their not-so-conventional premium-earning schedule.

Don't know what to tell you.. I didn't even ask for an exception or anything, in fact I had originnal asked for April, because that's when I was up for renewal with state farm, and the TD agent suggested I drop state farm a month early and take March to March because the rate was actually lower by almost 200 bucks that way..something about the rates being adjusted in April, but if i signed up now I locked in the better rate.

[VifferFun]

Don't know what to tell you.. I didn't even ask for an exception or anything, in fact I had originnal asked for April, because that's when I was up for renewal with state farm, and the TD agent suggested I drop state farm a month early and take March to March because the rate was actually lower by almost 200 bucks that way..something about the rates being adjusted in April, but if i signed up now I locked in the better rate.

That makes this seem even more sneaky. It completely makes sense that a TD rate change would take effect on April 1st, since that is when all of their policies are forced to renew. If you were to start a policy on March 15, then it should have expired on March 31st, with a new policy commencing on April 1st with the new rates.

It sounds like that TD agent you spoke with on the phone was doing you a favour, but they are most likely not following company guidelines.

[Nofear]

Im on a 2009 Ninja 250r. Is that quote with Meloche Monnex? I want your rate! I dont have a car insured with them, maybe thats why.. but still, thats less than half of my rate..

What the ****? I'm 19 and MM quoted me $4080 a year for an '09 ninja 250r liability only...

[Konartist]

What the ****? I'm 19 and MM quoted me $4080 a year for an '09 ninja 250r liability only...

Yup, that's what i got quotes last year for my bike. Had to go with Jevco for insurance but now im searching again.

[moonjo]

MM's great. I just switched from State Farm and I'm paying $150 less.

[aznk]

I have been with MM for 2 years, I am currently on the phone with MM quoting for my next bike.

I have always been on the 12 month payment plan, now the rep on the phone is telling me that it is a mistake and he has to change it to a 7 month "pay as you ride".

I've asked to speak with the supervisor.

Edit:
So the rep spoke with the supervisor and did not get to transfer me. They are willing to keep the 12 mth payment plan since it has been set up this way.

What a bunch of idiots.

[VifferFun]

I have been with MM for 2 years, I am currently on the phone with MM quoting for my next bike.

I have always been on the 12 month payment plan, now the rep on the phone is telling me that it is a mistake and he has to change it to a 7 month "pay as you ride".

I've asked to speak with the supervisor.

It must have been a mistake that you were paying over 12MO instead of 7MO. Personally, I would prefer the 7MO plan so that, should you ever decide to cancel, you will never owe the company money. That is the reason why they introduced the 7MO plan in the first place (which I think is a very smart idea). For companies on 12MO plans, you have to get into the complications of explaining the premium-earning schedules of seasonal vehicles.

[aznk]

I highly doubt that it was ever a mistake, because I have never been told 7 month payment plan from MM. The reps have always told me my monthly rate based on a 12 month payment.

I understand from the insurance companies point of view. But as the customer, I could care less. I have been paying monthly for the last 2 years, how is it suddenly a mistake?


I think your arguments are slightly biased because you are viewing from the side of the insurance companies.

[Stigz]

I have been with MM for 2 years, I am currently on the phone with MM quoting for my next bike.

I have always been on the 12 month payment plan, now the rep on the phone is telling me that it is a mistake and he has to change it to a 7 month "pay as you ride".

I've asked to speak with the supervisor.

Edit:
So the rep spoke with the supervisor and did not get to transfer me. They are willing to keep the 12 mth payment plan since it has been set up this way.

What a bunch of idiots.

Yeah I'd fight to keep that if possible, but I had to do the 7 month plan myself. Not sure when they changed that rule, or if you just got lucky and a sales rep messed up while setting up your account.

[VifferFun]

I highly doubt that it was ever a mistake, because I have never been told 7 month payment plan from MM. The reps have always told me my monthly rate based on a 12 month payment.

I understand from the insurance companies point of view. But as the customer, I could care less. I have been paying monthly for the last 2 years, how is it suddenly a mistake?


I think your arguments are slightly biased because you are viewing from the side of the insurance companies.

I believe that TD has been writing the 7-month payment plans for quite some time (which is why I think it was an error). I'm not biased because I'm not giving my opinion on what I think is right/wrong in your scenario -- I'm just trying explain what I think is happening to you. If you've been paying over 12MO plans in the past and want to continue that in the future, then I think you have a good case to argue for it.

The 7MO payment plans are actually for the benefit of the client in addition to the insurer. If you look at my cancellation stickies, try comparing State Farm (12MO) to TD (7MO). The benefit of the TD payment plan is that you are never indebted to your insurance company. In contrast, a State Farm client could of a significant chunk of money should they decide to cancel (especially near the end of summer).

[just_luc]

Yes, I am on a 7mo pay as you ride with MM now as well, so you only pay March through September but you can still ride year round weather permitting.

I was previously with State Farm, and was paying over 12mo, and as was said above, I just cancelled in the off season, and I ended up getting a bill rather then a refund. So it's nice to have the payment a little lower by paying over 12, but it sucks to get a bill after you cancel something..

Ideally I think the best thing to do is just pay yearly and be done with it. One payment, a thousand bucks or whatever it is. Then your GTG.


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