Insurance wants a lump sum payment



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Thread: Insurance wants a lump sum payment

  1. #1

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    Insurance wants a lump sum payment

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    So as the title says Desjardin wants a lump sum payment for a 03 zzr600, they said since I don't have anything else with them this was the only payment plan. Is this reasonable? Would I be stupid to take this?
    Thanks

  2. #2
    roadrash's Avatar
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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by Noob28 View Post
    So as the title says Desjardin wants a lump sum payment for a 03 zzr600, they said since I don't have anything else with them this was the only payment plan. Is this reasonable? Would I be stupid to take this?
    Thanks
    We're at the mercy of insurance providers in the GTA. If the price difference is significantly low compared to elsewhere (monthly payments), then I would go for it (lumpsum). Also depends on how large the premium is.

    On a different note, are you sure you want to get a 15 year old bike? From your recent posts and user id, seems like you're a new rider.

  3. #3
    Relax's Avatar
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    Re: Insurance wants a lump sum payment

    Did you already buy the bike? In my experience, Desjardins (well, I'm with State Farm still, technically) is one of the more expensive places for older vehicles, even with all the discounts I get for multiple policies, multiple vehicles, good driver, etc. Try TD - I use them for one of my older bikes and they offered me a monthly payment plan even though that's the only thing I have insured with them.

  4. #4

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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by roadrash View Post
    We're at the mercy of insurance providers in the GTA. If the price difference is significantly low compared to elsewhere (monthly payments), then I would go for it (lumpsum). Also depends on how large the premium is.

    On a different note, are you sure you want to get a 15 year old bike? From your recent posts and user id, seems like you're a new rider.

    Yeah I will take a person who knows before I buy it. So I don't get screwed.

  5. #5

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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by Relax View Post
    Did you already buy the bike? In my experience, Desjardins (well, I'm with State Farm still, technically) is one of the more expensive places for older vehicles, even with all the discounts I get for multiple policies, multiple vehicles, good driver, etc. Try TD - I use them for one of my older bikes and they offered me a monthly payment plan even though that's the only thing I have insured with them.
    I'm under 25 with a g2 so it might not be a option but I will give them a call today.

  6. #6
    JavaFan's Avatar
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    Re: Insurance wants a lump sum payment

    nothing wrong with lump sum
    there is interest in the payment plan
    so it will save you money

    when you sign an insurance app
    fine print gives them authority to pull a credit report
    if you don't have anything on that, maybe this is why lump sum?

  7. #7

    Re: Insurance wants a lump sum payment

    Quote Originally Posted by JavaFan View Post
    nothing wrong with lump sum
    there is interest in the payment plan
    so it will save you money

    when you sign an insurance app
    fine print gives them authority to pull a credit report
    if you don't have anything on that, maybe this is why lump sum?

    I read reports that they dont/cant do credit checks on insurance in ontario.

    Fair game in the Us of A though.

  8. #8
    JavaFan's Avatar
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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by bigpoppa View Post
    I read reports that they dont/cant do credit checks on insurance in ontario.

    Fair game in the Us of A though.
    they certainly do - some of them
    I received a notice when my ins. company pulled a credit file on me not long ago
    called the broker to raise hell, she pointed out to me where I had agreed to let them do it
    but only if you sign an app that gives them authority to do so, varies by company

  9. #9

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    Re: Insurance wants a lump sum payment

    Pay the lump sum, if you need monthly payments because you can't afford the lump sum, you shouldn't be riding.

  10. #10
    Riceburner's Avatar
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    Re: Insurance wants a lump sum payment

    I was on monthly payments, decided to switch to lump sum to pay it on my CC and get the points instead. The small difference the cash sitting in my bank account makes nothing in interest or invested.

  11. #11

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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by JavaFan View Post
    nothing wrong with lump sum
    there is interest in the payment plan
    so it will save you money

    when you sign an insurance app
    fine print gives them authority to pull a credit report
    if you don't have anything on that, maybe this is why lump sum?
    Maybe I don't use my credit card often.

  12. #12
    Joe Bass's Avatar
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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by Noob28 View Post
    Maybe I don't use my credit card often.
    Probably this. I pay monthly with them.

    Sent from my purple G4 using Tapatalk
    Originally Posted by inreb

    His wife would.love to tools user the tree. You know, user the tree. To tools.

  13. #13

    Re: Insurance wants a lump sum payment

    Quote Originally Posted by JavaFan View Post
    nothing wrong with lump sum
    there is interest in the payment plan
    so it will save you money

    when you sign an insurance app
    fine print gives them authority to pull a credit report
    if you don't have anything on that, maybe this is why lump sum?
    FYI, this is illegal in Ontario for auto (bike) insurance.

    Home insurance is a different story.

  14. #14

    Re: Insurance wants a lump sum payment

    There you have it.

  15. #15

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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by Surnet Insurance - Paul South View Post
    FYI, this is illegal in Ontario for auto (bike) insurance.

    Home insurance is a different story.
    you have something to back that up? insurance companies discriminate based off gender, soon they'll probably ask for ethnicity

  16. #16

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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by Surnet Insurance - Paul South View Post
    FYI, this is illegal in Ontario for auto (bike) insurance.

    Home insurance is a different story.
    Which part? Interest on payment plan?

  17. #17

    Re: Insurance wants a lump sum payment

    the credit check part

  18. #18
    JavaFan's Avatar
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    Re: Insurance wants a lump sum payment

    Quote Originally Posted by Surnet Insurance - Paul South View Post
    FYI, this is illegal in Ontario for auto (bike) insurance.

    Home insurance is a different story.
    suppose I should report Economical to the OPP
    you just told me they are a criminal organization

  19. #19

    Re: Insurance wants a lump sum payment

    Quote Originally Posted by JavaFan View Post
    suppose I should report Economical to the OPP
    you just told me they are a criminal organization
    nah call a good law firm

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