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Insurance Question

marlws

Well-known member
This may sound like a stupid question. But Imma go ahead and ask...

I'm a new rider and have had insurance on my bike since July 18th. I am looking to sell my bike and upgrade over the winter.
But since i haven't had insurance a full year, if i cancel it will that go against me when I renew my insurance next spring because i didn't complete a full year?
Do people just leave it on the bike for the full year - it's paid anyway...?

Cheers
 

Evoex

Insert clever title here
Site Supporter
This may sound like a stupid question. But Imma go ahead and ask...

I'm a new rider and have had insurance on my bike since July 18th. I am looking to sell my bike and upgrade over the winter.
But since i haven't had insurance a full year, if i cancel it will that go against me when I renew my insurance next spring because i didn't complete a full year?
Do people just leave it on the bike for the full year - it's paid anyway...?

Cheers
Do you have to cancel? Do you need the money to go towards the next purchase? I think as long as you get insurance again within 30-90 days they would still consider it continuous for the year (check with your company).

Just leave it on for the whole year, you need to crank out those 'years of continuous insurance' to get the rates down.
 

roadrash

Well-known member
This may sound like a stupid question. But Imma go ahead and ask...

I'm a new rider and have had insurance on my bike since July 18th. I am looking to sell my bike and upgrade over the winter.
But since i haven't had insurance a full year, if i cancel it will that go against me when I renew my insurance next spring because i didn't complete a full year?
Do people just leave it on the bike for the full year - it's paid anyway...?

Cheers
Penalty might be big if you cancel now. Premium for motorcycle insurance is collected over the summer months even though you pay throughout the year. There is a table floating around on this website which gives the % breakdown per month.

Given you rode from July to October, that's pretty much half year worth of premium.
You should check with your broker first.

Also like Evo suggested, you would need the "continuous years of insurance" to get the premium down in the future.
 

JTR

Well-known member
They can't punish you for selling your bike. It's your property you can sell if and when you want to.
 

PrivatePilot

NOT at Tim Hortons.
Site Supporter
As mentioned, you'll almost certainly end up with a big bill - for the summer months think of it as only paying 50% of the actual monthly cost of insurance each month - the other 50% you pay in the dead of winter when the bike is parked. If you terminate the policy now after putting it in place in the summer, they're going to want that extra 50%, so if you're paying (for example) $100/month now, they're going to want the $100/month you didn't pay yet as well when you cancel. Since you didn't start the policy until late in the summer that won't amount to a *huge* amount, but expect it.

Also inquire about any additional cancellation fees. Some companies carry small or no fees, some can be notable.
 

marlws

Well-known member
Thanks everyone. I'll check with my broker and go from there....I am trying to sell my cbr 250 and upgrade to a new bike within the next month, if possible.
Appreciate all the responses;)
 

GreyGhost

Well-known member
Site Supporter
Mastered the 250 after 10 weeks or so? Impressive!
Almost all new riders need mo powa after a very short period of time. The old guys that continue riding and learning from small bikes after decades should get some pointers from the new guys.
 

Evoex

Insert clever title here
Site Supporter
Almost all new riders need mo powa after a very short period of time. The old guys that continue riding and learning from small bikes after decades should get some pointers from the new guys.
*raises hand*

300>850>125
 

marlws

Well-known member
Almost all new riders need mo powa after a very short period of time. The old guys that continue riding and learning from small bikes after decades should get some pointers from the new guys.
Perhaps, I should clarify. I rode a dirt bike for about 3 years but have been off a bike for ten. So, I call myself a new rider. There's always more to learn. It didn't take me long to feel at home again on the cbr250. Hence, the desire to move up. But your assumptions are entertaining;)
 
I'm on the same boat as you. Got my m1 June of this year. Got my starter bike July. Passed my M2 august I sold my 300cc jump into a 919cc sport touring Sept. Winter I'm planning on buying a SS hoping to get a good deal. Insurance isnt cheap but you need to take a hit one day. Lol
 

Evoex

Insert clever title here
Site Supporter
I'm on the same boat as you. Got my m1 June of this year. Got my starter bike July. Passed my M2 august I sold my 300cc jump into a 919cc sport touring Sept. Winter I'm planning on buying a SS hoping to get a good deal. Insurance isnt cheap but you need to take a hit one day. Lol
Not even 1 year licensed and you`re hoping for a good SS rate? Is this a joke?
 

Iceman

Well-known member
Not even 1 year licensed and you`re hoping for a good SS rate? Is this a joke?
Why not? Goes from a 300 to a 919 in one month, plans to buy a ss in less than 6 months. What could go wrong?

Sent from my SM-A500W using Tapatalk
 

Baggsy

Well-known member
Site Supporter
Perhaps, I should clarify. I rode a dirt bike for about 3 years but have been off a bike for ten. So, I call myself a new rider. There's always more to learn. It didn't take me long to feel at home again on the cbr250. Hence, the desire to move up. But your assumptions are entertaining;)
As are yours, as are yours.

edit: The number of people coming through here claiming to have mastered a bike in weeks would make your head spin.

My pet theory is that they're too lazy to shift gears, but too proud to buy a scooter.
 
Last edited:

nobbie48

Well-known member
Site Supporter
Due to the pro rating system winter months don't change policy values enough to warrant a cancellation IMO.
 

hedo2002

Well-known member
Site Supporter
OP when your on the phone with the broker, get quotes for they bike you want to "upgrade" to. That may be the determining factor on the 250 policy. Despite, your time on a dirt bike in the eyes of an insurer, you ARE a new rider with ZERO experience.

As for the fellow "upgrading" for the second time in a single season. your 919 sport touring bike has MORE power, than your legally permitted to use on ANY road in the province of Ontario. If you "THINK" you need an SS, then I feel sorry for your gf, as your obviously compensating for lacking body parts...lol
 

Evoex

Insert clever title here
Site Supporter
As for the fellow "upgrading" for the second time in a single season. your 919 sport touring bike has MORE power, than your legally permitted to use on ANY road in the province of Ontario. If you "THINK" you need an SS, then I feel sorry for your gf, as your obviously compensating for lacking body parts...lol
Ummm..it's about looking bad ***, standing next to it with a coffee in your hand once maybe twice a week.
 

JavaFan

Well-known member
Site Supporter

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