Discontinuing insurance

djez

djez

Well-known member
Will not renewing my insurance and restarting it on a later date affect my rate. I still have 2 more bikes currently insured.
My 3 bikes are insured to different companies. The one I plan to stop is from Jevco.
 
djez said:
Will not renewing my insurance and restarting it on a later date affect my rate. I still have 2 more bikes currently insured.
My 3 bikes are insured to different companies. The one I plan to stop is from Jevco.
Click to expand...
I can't see why it would, but why not call Jevco and ask them?
 
djez said:
Will not renewing my insurance and restarting it on a later date affect my rate. I still have 2 more bikes currently insured.
My 3 bikes are insured to different companies. The one I plan to stop is from Jevco.
Click to expand...

You need to maintain insurance coverage and not let it lapse but this does not mean on each vehicle. You just need to ensure you have constant insurance with at least one policy so you are not treated as newly insured.
You may loose some preferred client/loyalty discounts but the key is to have maintained coverage so you are not starting from scratch.
I agree with calling whoever you are planning on insuring with in the future, so there are no misunderstandings later and they will appreciate your future business potential.
 
The only loss will be a 5% loyalty discount with Jevco - that's it. So when you do decide to come back to them, premium might be 5% higher than what you're paying now. Also note that Jevco recently raised their rates about 10% across the board, so if you're "locked in" to the older rates (if your renewal was/is before May 15), you might as well keep the policy running if you plan to ride this year.
 
Aleks Hara said:
The only loss will be a 5% loyalty discount with Jevco - that's it. So when you do decide to come back to them, premium might be 5% higher than what you're paying now. Also note that Jevco recently raised their rates about 10% across the board, so if you're "locked in" to the older rates (if your renewal was/is before May 15), you might as well keep the policy running if you plan to ride this year.
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I talked with my broker - I was with John Duffy but now with JD Smith(I was not aware of the Jevco Broker change till now :)).
I will get a 10%increase that will add approx 80$ to my premium if I stop it this month and restarted it on Setember, but its better than paying for insurance for 5 month of not using the bike.
The 10 % increase as you say will hit me the same next year anyway.

Thanks for the replies.
 
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