If I cancel now will I lose out in the long run? | GTAMotorcycle.com

If I cancel now will I lose out in the long run?

LoneRonin

LoneRonin

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I pay 207 monthly, Intact, Ninja 250, 24 years old. Its a rip off.

They know about 2 tickets, 2 are under the radar that's why I never switched. In January I turn 25 and 3 tickets come off.

I broke my wrist so no riding for 2-3 months at least, I'm pretty much done for the season. If I cancel now (Sept. is paid for) and start up again in Feb/March with someone like TD or Desjardins my premium will be around 1000-1200 bucks, pretty much what I'll be saving if I were to cancel my current policy minus whatever the cancellation fee may be.

Does anyone have a rough idea of cancellation fees and if other insurers will hold this lapse in insurance against me next year? Can I say something like I planned on selling my bike but it fell through if they give me a hard time? I've been continuously insured since 2009.

My policy began something like June 29 and I pay at the end of every month.
 
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If you cancel. They are going to ding you for almost the rest of the 12 month cycle. You may save a month at most


"If i was educated, I'd be a damn fool"
 
LoneRonin said:
I pay 207 monthly, Intact, Ninja 250, 24 years old. Its a rip off.

They know about 2 tickets, 2 are under the radar that's why I never switched. In January I turn 25 and 3 tickets come off.

I broke my wrist so no riding for 2-3 months at least, I'm pretty much done for the season. If I cancel now (Sept. is paid for) and start up again in Feb/March with someone like TD or Desjardins my premium will be around 1000-1200 bucks, pretty much what I'll be saving if I were to cancel my current policy minus whatever the cancellation fee may be.

Does anyone have a rough idea of cancellation fees and if other insurers will hold this lapse in insurance against me next year? Can I say something like I planned on selling my bike but it fell through if they give me a hard time? I've been continuously insured since 2009.

My policy began something like June 29 and I pay at the end of every month.
Click to expand...

As far as i know, no insurer care about if you cancel your policy. However if your policy is "terminated" then that can be an issue with some insurer.

I wouldnt not even make stories about why you cancel. If they ask (which i highly doubt), i just say i want to save some money.

I got my policy terminated once.... because my insurer became a ***** and dont want to insure me as my car was modified for a show. I switched to another company and got even better rate.
 
I would worry about the "gap" you would have of no insurance. I know it's just the off season and what not, but it's the insurance game... Wouldn't be surprised if they rated you as a newbie next season. Don't quote me though, just perhaps something to ask your current and next insurer/broker.


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if you cancel and try to reinsure the same vin, they won't be too pleased i'm betting.

Plus, the payments are divided into monthlies, but the allocation of those premiums are set middle of the year...insurance for oct/nov/dec is likely like 4 dollars. :p
 
Ok so you can't ride so your going to cancel insurance to save a few bucks, (won't be much. Plus the lapse in insurance most likely will be an issue.

now of course the important questions are. You cancel insurance what happens if the place where your bike is stored catches fire? Of someone breaks in and steals your bike. Will the amount you saved by canceling equal of be more than the cost to replace your bike? You could drop to just fire an theft but again the savings aren't going to be great
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