Temporary motorcycle insurance

[topendz]

Any insurance agents on this board that know of a company that can offer temporary motorcycle insurance for as short as a week?

[VifferFun]

Any insurance agents on this board that know of a company that can offer temporary motorcycle insurance for as short as a week?

This was asked a couple of weeks ago. The answer is "no". Due to the cost associated with setting up and closing a policy, insurers are not interested in such a short policy length. This is why most companies have a "minimum retained premium".

[topendz]

Thank you.

[TorontoBoy]

If it is a rental, some gold and platinum credit cards include insurance as a benefit.

[VifferFun]

If it is a rental, some gold and platinum credit cards include insurance as a benefit.

Insurance for Liability and Accident Benefits, or just insurance for physical damages to the vehicle (such as the optional coverages that they always to to upsell)? My guess is the latter.

[markdh]

You used to be able to get a temp license/permit from the Ministry to move your car from one place to another.. not sure if they do this for Bikes or what your situation is, but might be something to check...

Mark

[VifferFun]

You used to be able to get a temp license/permit from the Ministry to move your car from one place to another.. not sure if they do this for Bikes or what your situation is, but might be something to check...

Mark

A temporary license/permit has absolutely nothing to do with insuring the vehicle so that it can be legally driven. The MTO does not offer any sort of temporary insurance coverage.

[Fingolfin]

This was asked a couple of weeks ago. The answer is "no". Due to the cost associated with setting up and closing a policy, insurers are not interested in such a short policy length. This is why most companies have a "minimum retained premium".

what are the costs associated with setting up and closing a policy?

[kellen]

what are the costs associated with setting up and closing a policy?

it's a lot of paper man. paper costs $$$$

[Chuck U. Farlie]

How about for a car policy? What would be considered the minimum amount of time to insure a vehicle?

For example... camper van. If you want to just insure a camper van (like a VW or something), can you insure it for the summer and cancel the insurance in the fall when you store it?

I've never been charged for canceling an insurance policy before, but I have never canceled before 6 months into the policy.

[CruisnGrrl]

it's funny how other provinces do it like bc

[kellen]

it's funny how other provinces do it like bc

there are more trees there, paper costs less

[VifferFun]

what are the costs associated with setting up and closing a policy?

I don't know specifically, and the amount would vary by insurer.

1. The time taken by the broker/agent to quote you.
   
2. Someone must ensure that the policy information is correctly entered into the insurer's database
   
3. An underwriter would have to review the risk to ensure it is acceptable and nothing is suspicious
   
4. The insurer would have to send out a policy package (both postage fees and stationary fees)
   
5. If the risk meets the criteria of the insurer but is not one that the insurer would want to bear on their own, they would have to cede the risk to the risk-sharing pool (involving more labour).
   
6. When the policyholder cancels the policy, someone would have to terminate the policy in the information system. If the risk was ceded to the Risk-Sharing Pool, then further correspondance would be required.
   

As you can see, I don't think any company would want to take care of the above for very short-term policy. Not only would the administrative costs likely outweigh the premium received, but the company would also be on the line for any claims incurred during the brief time that your policy is active. Statistically, short-term business performs much more poorly than long-term business as well. It just doesn't make good business sense . . . it's like trying to rent a Honda Civic for one hour at 1/24'th of the daily rate.

[nobbie48]

How about for a car policy? What would be considered the minimum amount of time to insure a vehicle?

For example... camper van. If you want to just insure a camper van (like a VW or something), can you insure it for the summer and cancel the insurance in the fall when you store it?

I've never been charged for canceling an insurance policy before, but I have never canceled before 6 months into the policy.

I cancel PL/PD on my convertible in the winter as it isn't driven but since there is another car on the policy the policy isn't actually cancelled, just amended. The savings are worth it.

Bikes are different because they typically aren't winter driven and therefore winter PL/PD was never a factor in the original premium. Since the winter PL/PD isn't a factor in the original premium it isn't a factor in the winter cancellation.