parking insurance | GTAMotorcycle.com

parking insurance

alangolding25

alangolding25

Well-known member
Site Supporter
Forum Sponsor
Hey guys,

Just bought a bandit 1250. I had got insurance but figure Im not going to ride it much until the season starts next year so cancelled the insurance. I have to pay a month premium penalty for the cancellation. Or I could get parking insurance then i dont need to pay the cancellation fee. Cancellation fee will prob be around $120. Have asked how much parking insurance is. Iw ill soon be storing the bike up as I have too much on the next couple of months and will not be riding it at all.

Any advice?
 
Better to keep the bike with some form of insurance. I suspect what your calling "parking insurance" is really comprehensive, fire and theft. Even though the bike is being stored any of these things can happen. Plus you can then answer when asked how long have you had "continuous insurance" that you have had since say Aug 2014.

Yes this isn't "supposed" to affect your future premiums, but there is a reason they ask.

What would happen if the bike were stolen would you have saved more in premiums as opposed to a replacement bike? Or the bike or building it is stored in caught fire..


alangolding25 said:
Hey guys,

Just bought a bandit 1250. I had got insurance but figure Im not going to ride it much until the season starts next year so cancelled the insurance. I have to pay a month premium penalty for the cancellation. Or I could get parking insurance then i dont need to pay the cancellation fee. Cancellation fee will prob be around $120. Have asked how much parking insurance is. Iw ill soon be storing the bike up as I have too much on the next couple of months and will not be riding it at all.

Any advice?
Click to expand...
 
yeah parking insurance is $78 for the year they just got back to me. Definitely going ahead with that. As you mention anything can happen. God forbid we have a fire, or a breakin , even though its sitting there its covered and its better than nothing.

Cheers for the quick responses ill go ahead with the parking insurance
 
State Farm, yeah I have home/auto insurance with them too
 
It is ****** that you pay insurance on the bike during the winter when you dont even ride it. I wonder is it "ok" to just default back to parking insurance when your done the season, and startup a new policy every time. There should be more flexibility for riders in that front.
 
alangolding25 said:
It is ****** that you pay insurance on the bike during the winter when you dont even ride it.
Click to expand...

This has been covered several times before, but the payments you make during the winter apply mostly to the summer months.

I ride pretty much year-round so I'd rather pay a fixed monthly amount than pay $5 in December and $500 in July.

I'm surprised that SF lets you downgrade to "parking insurance" with no penalty, but your bundled insurance prolly has something to do with that.

I need a home and a car so I can save on my bike insurance. :happy8:
 
My girlfriend did this when she wasn't sure if she was going to sell her bike. When she put her bike back onto regular insurance, they just backcharged her a few hundred dollars for the winter months she had it on fire/theft. Was with State Farm.
 
bboySushi said:
My girlfriend did this when she wasn't sure if she was going to sell her bike. When she put her bike back onto regular insurance, they just backcharged her a few hundred dollars for the winter months she had it on fire/theft. Was with State Farm.
Click to expand...

Not sure why she paid them she had paid them for fire/theft. If it wasn't on the road then there is no premium for "regular" insurance sounds like she got taken by a broker..
 
Ontario motorbike insurance unlike cars is season prorated. What you pay for winter months is basically just fire and theft. It's barely anything comapred with what your policy really costs during Jun-Aug peak.
 
So cover it with TD Meloche. They will prorate the policy because they renew every February, and they charge less for winter months.
 
AL3RT said:
Ontario motorbike insurance unlike cars is season prorated. What you pay for winter months is basically just fire and theft. It's barely anything comapred with what your policy really costs during Jun-Aug peak.
Click to expand...

i understand how bike insurance works but if she removed full coverage and only had fire/theft on it as she was considering selling it, then she made a change in her policy and the full premium, (albeit much smaller), for the winter months doesn't apply. That is like a car you have full coverage and then you decide not to carry collision, (for whatever reason), then you decide, (perhaps diue to a close call), to carry collision coverage again they don't go back and charge you for the months or even years you didn't have collision coverage.
 
My arm has been in a cast for the last 4 weeks and SF had no problem pulling liability from the bike while I couldn't ride it. Saved me a couple hundred bucks.

They're good folks at SF.
 
DDean said:
My arm has been in a cast for the last 4 weeks and SF had no problem pulling liability from the bike while I couldn't ride it. Saved me a couple hundred bucks.

They're good folks at SF.
Click to expand...

Switching to fire and theft in the summer saves money for sure but switching in the winter saves almost nothing
 
alangolding25 said:
It is ****** that you pay insurance on the bike during the winter when you dont even ride it. I wonder is it "ok" to just default back to parking insurance when your done the season, and startup a new policy every time. There should be more flexibility for riders in that front.
Click to expand...

You can but you'll pay the same or more.
 
DDean said:
My arm has been in a cast for the last 4 weeks and SF had no problem pulling liability from the bike while I couldn't ride it. Saved me a couple hundred bucks.

They're good folks at SF.
Click to expand...

This only works because it's still summer. If you did this over the winter there would be no point.
 
unL33T said:
This only works because it's still summer. If you did this over the winter there would be no point.
Click to expand...

I used to do it for six months over the winter with SF and it saved me like $75 or something on a ~$1500 policy. Not much but hey it's $75
Forum Sponsor
 
You must log in or register to reply here.

Back
Top Bottom