Cancelling policy, still confused after reading the sticky/threads.



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Thread: Cancelling policy, still confused after reading the sticky/threads.

  1. #1

    Cancelling policy, still confused after reading the sticky/threads.

    Forum Sponsor
    Just got out of riding for good, probably.
    So... Cancelling my insurance.

    My insurance was $3100 a year
    I paid $6xx at the beginning as a down payment or deposit, not sure what it was really for...

    My insurance started April 9th, and I'll be cancelling it tomorrow, June 4th.
    So in between that time, I've made one insurance payment for the month of May.

    Now, if I understand correctly... I've paid I think 5% of my annual premium for that month.

    Does this mean that I'll still have to give my insurance company 95% of my annual premium of $3100, once I cancel tomorrow? So around $2,900?

  2. #2
    JavaFan's Avatar
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    Re: Cancelling policy, still confused after reading the sticky/threads.

    call your broker
    no one here knows what it will cost to cancel

  3. #3

    Join Date
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    Re: Cancelling policy, still confused after reading the sticky/threads.

    No, you've got a mistake in your analysis. I expect you will be paying the greater of minimum retained amount (basically to compensate them for the work of writing your policy) or the used premium which should be <20% (I can't be bothered to look at the tables to see what percentage of yearly premiums are used up by april and may).

  4. #4

    Re: Cancelling policy, still confused after reading the sticky/threads.

    Quote Originally Posted by GreyGhost View Post
    No, you've got a mistake in your analysis. I expect you will be paying the greater of minimum retained amount (basically to compensate them for the work of writing your policy) or the used premium which should be <20% (I can't be bothered to look at the tables to see what percentage of yearly premiums are used up by april and may).
    Thank god... This will help me sleep tonight. I was getting pretty annoyed thinking I'd have to pay that amount, which is more than what I plan on paying for my project car after selling my bike.

  5. #5

    Re: Cancelling policy, still confused after reading the sticky/threads.

    Depending on the insurer, you have used up roughly 18/19% of the yearly premium.

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