Monthly Payments

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flipz

Well-known member
Hi, I've gotten a few quotes now and all but 1 require me to pay 6 payments as opposed to 12 payments. Are there any companies I could try ? Or is this the norm for a new standalone policy?

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Maybe you can pay monthly if bundled with car insurance but I think yearly is normal.


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Shop around a lot of companies do 12 months. Only in rare cases i have heard they insist on 6 instead of 12 payments

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Been with both Riders Plus as well as Dalton Timmis for our bikes and both have offered 12 month payment terms without any issues.
 
My coworker just passed his M2 course. He found a great rate but was also told that they only take 6 payments. (I forget the company).
I too have always paid monthly for a $0.75/ month fee.

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Joe Bass said:
My coworker just passed his M2 course. He found a great rate but was also told that they only take 6 payments. (I forget the company).
I too have always paid monthly for a $0.75/ month fee.

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Could you find out the name for me please. I'm turning 30 in September, contemplating if to wait until then to insure. That seems like such a long way away. Do you guys/gals think it would be worth the wait?

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flipz said:
Both these companies told me 6 monthly payments.

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Might have something to do with your age, choice of bike, or perhaps your record? As mentioned, I had 12 month terms with both without issue, although both my wife and I are >40 and ride cruisers, with good driving records.

I know some insurance companies prefer the 6 month payment term (even though the coverage actually lasts 12 months) as some people don't understand how seasonal motorcycle insurance works (that the payments are weighted towards the summer months) and they think that if they cancel a policy they started in the spring at the end of the riding season that they'll get out of paying for the winter months, only to get a big bill for those 6 months in the mail after the fact.
 
I'm off from work tomorrow. Will try to do some more calling around

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Scuba Steve said:
TD does 8 payments, I prefer this as you are only paying during riding season.
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You're just paying more each month for 8 months instead of less each month for 12 months.
 
Of course but it is nice to have a break from bike payments during the winter

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I figured most would pay it off all at once using a credit card...why pay interest on an already large insurance bill, vs zero interest and get a few percent back in cash/points/etc? Sure it does sting, but it's a known cost and at a known time.
 
flipz said:
Could you find out the name for me please. I'm turning 30 in September, contemplating if to wait until then to insure. That seems like such a long way away. Do you guys/gals think it would be worth the wait?

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I'm with DeJardins. But call everybody and make sure you compare apples with apples.

Also, @PrivatePilot
My coworker is also in his early 40s and it was Riders Plus that told him 6 payments last week.


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I got a quote from Mitchell Whale, they used the same insurance company that ridersplus used but were able to offer me the 12 payment option.

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All-State. Stand alone policy on a 1000 CC sport bike. 3 payments per year.
 
Td, no alumni discounts, 7 payments March to September. I prefer the winter payment free as I'm usually laid off.

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