I am trying to get some information from those who had made a claim before. If I am in the middle of my policy and my bike gets stolen, do I still have to pay the remaining of the premium? TD basically told me it is recommended to keep the policy active until my claim has settled, they seem reluctant to tell me a straight answer I can just cancel it and make a claim. Understandably TD uses 'pay as your ride' system, so the longer I keep the policy, the more I have to pay. What is your experience?
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Theft insurance claim question
- Thread starter JustinRR
- Start date
You have a right to cancel your policy at any time. They have a right to charge you a cancellation fee. If you are going to be buying a replacement bike shortly after the claim than it definitely may be in your best interest to not cancel the policy and start a new one later. If not than cancel the policy effective for the date of loss and be done with it.
Continuity of insurance is important. Gaps are a problem unless you aren't going to buy insurance again
My insurance is $5k a year, if I lose my bike at the end of the season I am immediately out $5k which is understandable. But if I had to lose $5k during the first week of the season, then is a bit much. That's my question here, I wish my insurance were $200/mth then I would have no problem keeping it active.
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Holy crap 5k a year? Not worth it in my mind but different strokes for different folks.
At 5k a year they better replacr my stolen bike. But as said before, continuity is key if you plan to stay in the sport and hop on another steed.
Geez... 5k...
This is illegal, and we should be getting mad about it. I see it all the time, and we should simply not be putting up with it.
Source: https://www.fsco.gov.on.ca/en/auto/autobulletins/archives/Pages/a-06_97.aspx
Mine was stolen.. I was paid out.. didnt habe to pay for termination since I wasnt actually cancelling it
Carlos Vincent
Well-known member
Gap of insurance is not an issue at all, if the person does not have a vehicle or has a company vehicle, obviously there is going to be a gap of insurance and it will not be held against anyone.
Gap of insurance is a problem when your last policy was canceled for non-payment, misrepresentation, license suspensions, etc, etc.
Gap of insurance is a problem when your last policy was canceled for non-payment, misrepresentation, license suspensions, etc, etc.
A gap of insurance can only be a problem qualifying for certain discounts with some companies. Some insurers require the insured to be continuously insured for "X" number of years to qualify for the discount.
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