Insurance Rates Based On Experience With TD

[renntecher]

Hi All,

I currently have a policy with TD-MM and currently paying $1490 per year based on the fact that I got my M2 in July of 2012.

I priced out a few things and moved by M2 date to March 2012 which indicates that I have 2 years of experience and my annual price drops to $1320.

My question: is it possible to cancel my policy in June and sign up for it again in July to benefit the discount for my experience?

Thanks!

 

[drumstyx]

In theory, yes. You should look into what sort of cancellation fees you might face though.

 

[abkdt41]

Instead of canceling, call them in July and they should change the rate automatically... I'm with MM and they have good service

Sent from my Nexus 5 using Tapatalk

 

[XenoVibe]

^ what he said. If it doesn't work, their cancellation fees aren't bad. Something like $2 per day past the time it was charged will be returned. Unlike the ****** places that have 10-20% flat rate fee regardless.

 

[renntecher]

Thanks for all of the input. I will give them a call when the time is up.

 

[Gryph]

Careful with this - have heard of many rider's who have done something similar and then can't answer the question "How long have you been continually insured", even a short period is considered a "lapse" and your rates increase.

 

[drumstyx]

Careful with this - have heard of many rider's who have done something similar and then can't answer the question "How long have you been continually insured", even a short period is considered a "lapse" and your rates increase.

Which is illegal, and if you ever hear it direct from a broker, tell them to explain themselves.

 

[SweetOnion]

Man, these ideas of cancellation are ridiculous and completely uninformed.

TD/MM prorates each and every month based on your driving experience, accidents/tickets, etc...

You're only paying the one rate until you hit the 2 year time period, at which point your rate changes. They do however create one annual total, combining each month together, and then dividing that by your number of payments per year... so you won't actually see a price change.. it's there, however.

If you have any type of event, like a ticket about to turn 6 years old or an accident about to be 10 years old, you should see a difference in the quote from the online quote, vs a live quote from someone on the phone. The online quote doesn't seem to take these things into account... it just calculates your first month cost and multiplies by 12, from what I can figure.