Temporary insurance?

[Chameleon]

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Probably a stupid question.. but is there such a thing as temporary insurance? I've read about the scenario that you have 2 bikes, and you call in to switch bikes. Not quite that... But you have 1 bike, and let's say it's a show bike of some sort.. you call in to be insured that day? Or anything remotely similar?

 

[GreyGhost]

Probably a stupid question.. but is there such a thing as temporary insurance? I've read about the scenario that you have 2 bikes, and you call in to switch bikes. Not quite that... But you have 1 bike, and let's say it's a show bike of some sort.. you call in to be insured that day? Or anything remotely similar?

Not that I know of. The paperwork for them to deal with that policy would make it pretty expensive. If you buy a new bike there is something about having x days to notify them to add it do the policy. I guess conceivably you could exploit that loophole to accomplish your task once.

 

[Evoex]

Probably a stupid question.. but is there such a thing as temporary insurance? I've read about the scenario that you have 2 bikes, and you call in to switch bikes. Not quite that... But you have 1 bike, and let's say it's a show bike of some sort.. you call in to be insured that day? Or anything remotely similar?

paging @Mad Mike

 

[Mad Mike]

Probably a stupid question.. but is there such a thing as temporary insurance? I've read about the scenario that you have 2 bikes, and you call in to switch bikes. Not quite that... But you have 1 bike, and let's say it's a show bike of some sort.. you call in to be insured that day? Or anything remotely similar?

I don’t know of anyone that offers that specifically. Ive been able to swap bikes with just a phone call at Desjardins and TD.

By “Show bike” you mean a late model street legal motorcycle with a fit title and free of customizations like turbocharging, stretched swing arms, or other frame mods. A full custom or high value vintage is a different beast for insurers.

 

[TK4]

Hagertys will insure collectible and custom cars and bikes in the U.S., but only cars in Canada.
What kind of machine are we talking about here exactly ?

 

[Chameleon]

I was really only focusing on the one day/temporary insurance part of it. The show bike scenario was just a simple example I thought of to avoid describing the stupid predicament I'm currently in. Sorry to disappoint, folks.

I have 1 (regular/normal) bike only. At the start of the winter, I cancelled my insurance. With no plans of renewing my policy in the near future. But now, a motorcycle riding opportunity has come up. A unique and exciting one that I would like to participate in (one that would actually earn me money, in fact). But I suppose it's not lucrative enough, nor exciting/unique enough for me to want to sign up for (and pay) a year or insurance.

So here I am. Stupid predicament.

 

[Evoex]

I was really only focusing on the one day/temporary insurance part of it. The show bike scenario was just a simple example I thought of to avoid describing the stupid predicament I'm currently in. Sorry to disappoint, folks.

I have 1 (regular/normal) bike only. At the start of the winter, I cancelled my insurance. With no plans of renewing my policy in the near future. But now, a motorcycle riding opportunity has come up. A unique and exciting one that I would like to participate in (one that would actually earn me money, in fact). But I suppose it's not lucrative enough, nor exciting/unique enough for me to want to sign up for (and pay) a year or insurance.

So here I am. Stupid predicament.

Maybe we can help, can you provide anymore details? or PM me if you feel like it

 

[Relax]

I was really only focusing on the one day/temporary insurance part of it. The show bike scenario was just a simple example I thought of to avoid describing the stupid predicament I'm currently in. Sorry to disappoint, folks.

I have 1 (regular/normal) bike only. At the start of the winter, I cancelled my insurance. With no plans of renewing my policy in the near future. But now, a motorcycle riding opportunity has come up. A unique and exciting one that I would like to participate in (one that would actually earn me money, in fact). But I suppose it's not lucrative enough, nor exciting/unique enough for me to want to sign up for (and pay) a year or insurance.

So here I am. Stupid predicament.

Sign up for a standard insurance policy starting on the day you need it, then cancel the next day. You'll get a prorated refund, but you may also be subject to a minimum earned premium. Still less than a full year.

This would work at least once, then after that if you kept doing it, your rating might get affected. Just guessing.

 

[Soulcatcher668]

I was really only focusing on the one day/temporary insurance part of it. The show bike scenario was just a simple example I thought of to avoid describing the stupid predicament I'm currently in. Sorry to disappoint, folks.

I have 1 (regular/normal) bike only. At the start of the winter, I cancelled my insurance. With no plans of renewing my policy in the near future. But now, a motorcycle riding opportunity has come up. A unique and exciting one that I would like to participate in (one that would actually earn me money, in fact). But I suppose it's not lucrative enough, nor exciting/unique enough for me to want to sign up for (and pay) a year or insurance.

So here I am. Stupid predicament.

Wait, wait , wait........ what's this about no bike?

 

[Jay Alexander]

Never heard of an insurer in Ontario offering anything but a standard one-year contract. Cancelling it before the term ends just means it's pro-rated, as others have said. Typically depends on the company and the percentage of the premium assigned to that timeframe. Often more than half the premium is for June through August at many companies.

 

[PrivatePilot]

At the start of the winter, I cancelled my insurance

Keep in mind that after a lapse in motorcycle insurance (which I've gathered is between 6 to 12 months depending on the company) most insurers will treat you as a "new" rider again when you want to start riding again.

This can be a very expensive mistake, which is why you'll see people suggest buying a cheap ass 250 cruiser or scooter or something to maintain a dirt cheap policy on and maintain that continuity of insurance.

Unless of course you're done forever with riding or something.

 

[bitzz]

which I've gathered is between 6 to 12 months depending on the company

I'm pretty sure that by law you need a lapse of more than 23 months to be considered a new rider

 

[ifiddles]

I'm pretty sure that by law you need a lapse of more than 23 months to be considered a new rider

Is this in writing anywhere and if so, can you provide a link? Not to hijack the thread, but this is also part of my hesitation to sell my bike...thinking about what if in the future we get new ones, are we then going to be rated as newbies again...thanks!

 

[Evoex]

Is this in writing anywhere and if so, can you provide a link? Not to hijack the thread, but this is also part of my hesitation to sell my bike...thinking about what if in the future we get new ones, are we then going to be rated as newbies again...thanks!

Eventually you will be yes.

Maybe use some of the money from the sale of your fz07 to buy something that doesn't even run, insure it and throw it in the corner of your garage and forget about it.

Grom cost me about $36/month

 

[PrivatePilot]

I know for sure my current insurer said 12 months.

I'm believe it's one of those things that varies between underwriters. There's no statute law saying that it's x number of months.

 

[Jay Alexander]

Keep in mind that after a lapse in motorcycle insurance (which I've gathered is between 6 to 12 months depending on the company) most insurers will treat you as a "new" rider again when you want to start riding again.

This is not true. By law, insurers can't do this. They are not allowed to use lapse in insurance coverage as a rating factor, unless it has to do with suspensions, cancellations for non-payment, illegal activities or other factors. Normal gap in coverage like simply not owning a bike for a season or two technically should not have an impact on the rating.

Having said that, insurers could offer discounts as a way of sweetening the premium.

 

[bitzz]

I asked my broker.
When I stopped driving cabs, I kept one of my cars and tried to get it insured as a private car... and was getting INSANE quotes. More than what I was paying for the same car to be a taxi.
It seems the insurance companies wouldn't take driving a cab as experience, it had been 20 years since I had a private car (why would I want a private car when I owned 5 licensed, insured taxi cabs?). Their line was driving a taxi is not comparable to driving a private car.
My broker made a couple of phone calls and i got insurance. It helps when you have a broker that knows what he's doing and is on your side.
The 23 month thing came up in conversation came up in conversation and that's what he told me. He's never lied to me before or since... I've known the guy for almost 50 years and he's owned a brokerage for 45 of those years. I believe him. You don't have to.

 

[Jay Alexander]

Their line was driving a taxi is not comparable to driving a private car.

That's because commercial driving experience doesn't affect private passenger vehicle driving experience. Have at-fault claims in your taxis? Won't impact your premium in your own private car.

 

[bitzz]

This is not true.

What you're saying flies in the face of all insurance underwriting tables.
If it's NOT true, you should tell EVERY insurance entity in Ontario, cuz they're charging for it.

Insurance companies are NOT allowed to use "cancellations for non payment" to the MTO to rate a driver. "Cancellation for non payment" is considered a Administrative suspension, and administrative suspensions cannot be considered in rating UNTIL the suspension is over 23 months... then it's the lapse that affects the rate, not the suspension.
Cancellation of a insurance policy for non payment is a different matter. Cancellation of a policy for non payment is considered fraud and insurance companies don't like fraud.

And commercial driving experience doesn't apply?
How is driving the SAME car not experience?
When I bought motorcycle insurance, the speeding tickets i got in the cab sure did apply to the rating of the motorcycle insurance, the seat belt tickets did not. (And funny thing: when buying taxi insurance nobody cares that you have 4 small speeding tickets, cab drivers get tickets, but when applying for motorcycle or private car insurance you get treated like typhoid Mary if you have ONE)
When I bought motorcycle insurance I was asked if i had been in ANY at fault collisions/pay outs in the last 5 years... no exclusion of commercial driving, or private car driving.
For your average cab driver, a pay out for a collision doesn't go on their record because they don't own the car or the policy. In MY case, I DID own the car(s), I DID own the policies... and the pay out record of my many drivers went on MY insurance record too. If one of my drivers got into an at fault in one of MY cars, that went on MY insurance exposure, not the drivers.
Whether or not "experience" is accepted is up to the underwriter, not the broker.

 

[Jay Alexander]

Insurance companies are NOT allowed to use "cancellations for non payment" to the MTO to rate a driver. "Cancellation for non payment" is considered a Administrative suspension, and administrative suspensions cannot be considered in rating UNTIL the suspension is over 23 months... then it's the lapse that affects the rate, not the suspension.
Cancellation of a insurance policy for non payment is a different matter. Cancellation of a policy for non payment is considered fraud and insurance companies don't like fraud.

MTO has nothing to to do with insurance - they're the ones dealing with licensing - not insurance. That would be FSRA.

Cancellation for non-payment is concerning insurance, while suspensions are for the license itself.

Suspensions are the result of convictions (or could be medical reasons or other reasons too).

Are we talking about lapse of license, or lapse of insurance? The thread was discussing a lapse of insurance. Lapse of license of course results in being rated as a new driver, since you are starting out getting your license again.

Cancellation for non-payment is absolutely not considered fraud, or rated as such. This is such a wildly inaccurate statement.

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