monthly breakdown | GTAMotorcycle.com

monthly breakdown

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inreb

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Insurance policy runs February to February. Is there an ins. industry standard formula that weights each month a specific amount? Also how are partial months billed? Example, if I wait 'til July1 to insure second bike to save some money but instead insure for June 30 would I be charged for all of June? Any info how billing breaks down would be useful.
 
Keep full year coverage, you will be paying 85% of the premium in summer anyways. It's not worth cancelling during winter for few months. The 15% in winter covers fire and theft.


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My renewal papers did show the monthly proration breakdown.
It was something like $6/mth through dec, jan, feb.
It then increases exponentially throughout spring / summer.
 
samurai said:
Keep full year coverage, you will be paying 85% of the premium in summer anyways. It's not worth cancelling during winter for few months. The 15% in winter covers fire and theft.


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Yes. I always insure one bike all year round. I wanted to add a nicer bike for June 1 when the weather is good. The agent said "ok, well put it on your policy May 30". Not being quick witted I said sure, fine. Now I'm wondering if I got tricked to the tune of a couple bucks.
 
miggs said:
My renewal papers did show the monthly proration breakdown.
It was something like $6/mth through dec, jan, feb.
It then increases exponentially throughout spring / summer.
Click to expand...

One year I paid like $100 from Sept. to February including wage replacement ins. That was pretty good. Lotsa riding that fall.
 
inreb said:
Yes. I always insure one bike all year round. I wanted to add a nicer bike for June 1 when the weather is good. The agent said "ok, well put it on your policy May 30". Not being quick witted I said sure, fine. Now I'm wondering if I got tricked to the tune of a couple bucks.
Click to expand...

Add to policy when you plan to start riding, ask the agent if delaying past May 30 can save some
money.


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samurai said:
Add to policy when you plan to start riding, ask the agent if delaying past May 30 can save some
money.


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Too late for that now, it just came to mind last night. I'd just like to know what that extra 2 days early cost me. Just for fun.
 
Sorry, I thought you were nervous.

Phone up the agent and change the date. Shouldn't be too much hassle.

Oops, you can't change it now. Phone up and ask then. See who's side the agent was on.
 
Baggsy said:
Sorry, I thought you were nervous.

Phone up the agent and change the date. Shouldn't be too much hassle.

Oops, you can't change it now. Phone up and ask then. See who's side the agent was on.
Click to expand...

I'm not going to turn this into a thing, I'm sure I can weather the blow. I'm more mad at myself because I have a history of ignoring red flags. I said June 1, she countered with May 30. Why, what's it to her? I want ammo for next time I see her.
 
samurai said:
Change the agent.


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I've saved yuge over 3 vehicles so don't want to do anything drastic. Like I said, I'm wondering about deliberate obfuscation. Sounds like you think so.
 
Not enough facts to draw conclusion, maybe it helps you or maybe it helps the company and/or agent. What date does your policy renew on? Maybe it's 31 and he/she is just trying to keep things simple. Even if it helps them, it would be for 1 day which is no big deal (on a $1000yr premium if you are looking at $3-4 difference if it was the primary vehicle, secondary is probably even less)


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samurai said:
Not enough facts to draw conclusion, maybe it helps you or maybe it helps the company and/or agent. What date does your policy renew on? Maybe it's 31 and he/she is just trying to keep things simple. Even if it helps them, it would be for 1 day which is no big deal (on a $1000yr premium if you are looking at $3-4 difference if it was the primary vehicle, secondary is probably even less)

Righto, that's the info I was trying to suss out. How does the billing breakdown? What's typical in the insurance industry? Or is there no typical but by ins. co. to ins. co. different(I imagine it's regulated) I know there are instances where if you use a portion(month in this case) you pay the whole thing. Like renting a house, y'know?
Click to expand...
 
If you are insuring for 6 months, just means it expires Nov 30 instead of Dec 1. If for a full year, it's adjusted to your Feb renewal date.

She might have said May 30 instead of June cause it adds to her May #s. Or most people want coverage right away.
 
Years ago I cancelled my car insurance early and they refunded the current month payment by the number of days remaining. Things may have changed since then though or maybe it's different depending on the agency.

inreb said:
Righto, that's the info I was trying to suss out. How does the billing breakdown? What's typical in the insurance industry? Or is there no typical but by ins. co. to ins. co. different(I imagine it's regulated) I know there are instances where if you use a portion(month in this case) you pay the whole thing. Like renting a house, y'know?
Click to expand...
 
Riceburner said:
If you are insuring for 6 months, just means it expires Nov 30 instead of Dec 1. If for a full year, it's adjusted to your Feb renewal date.

She might have said May 30 instead of June cause it adds to her May #s. Or most people want coverage right away.
Click to expand...

Thanks, ya maybe May#s. I did this very early May.
 
Some insurers seasonally rate motorcycle policies like this:

January - 0% of the yearly premium
February - 0%
March - 5%
April - 10%
May - 10%
June - 20%
July - 20%
August - 20%
September - 10%
October - 5%
November - 0%
December - 0%
 
What is the effective date of the renewal?

You can purchase insurance and pay monthly and the effective date can be any date you requested.

Billing cycles do vary by company. Sometimes it's a specific date. Like the 1st or 15th. Others can be a date you request. Others may bill the first Monday of the month etc.


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With most companies annual premium is consumed between march and October. So if you cancel your Motorcycle insurance in Nov you might not get any refund, Similarly if you insure your motorcycle in June then you have to pay 75% of your premium in next 5 months
 
From now on I will only insure my bike from November to February. Thanks for the tip Paul! Lol

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