Writing off the season? Any recommendations to downgrade insurance coverage?

[MSRP]

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Hi folks,

I am contemplating a call with my insurance company as I certainly will not make the most out of my coverage which is currently covering 3x 4-wheeled vehicles, and 2x 2-wheeled transports. Might swap out my vfr to fire/theft only and bring back my ex500 from hibernation (ex500 has been on fire/theft for $150/year and unplated for the past 3 years). Premium on the ex500 was (at one point) half as expensive as the vfr.

While I still have half a heart to go out riding, (personally) I do not think I will be making the most out of my already reduced 6-8 months of riding and potentially taxing the system further with roadside assistance/medical assistance if something untoward were to happen on a ride. And believe me, I ride a super reliable, vfr800. Putting around the neighborhood can be done with pedal power or an ebike for way less.

Considering taking one or two of the 4-wheeled vehicles off the road as well--no need for summer vehicle, no need for the gas-sipper either with gas at 75c/L. The v8 (gx470) will be fine to DD and nice to have just in case I gotta skip town in case of zombies.

Any other suggestions to make the most out of what I anticipate being long waits on hold with my broker? Lower mileage estimates? No idea how long this covid situation will persist, so I'm happy to explore cutting a lot of "excess" monthly costs. Paying 3500-4000/year for insurance on 5 vehicles that will mainly live in the garage for the next few months/rest of season seems like a logical start.

Penny for your collective thoughts?

 

[J_F]

send them an email with a very detailed explanation of what you are considering
ask them to reply to you with options, skip the phone

 

[GreyGhost]

TDMM changes can be setup through the app. That way there is a written record of what you wanted. They call you back in a week or so to say the changes are going through and the new price is $xxxx. Not sure if other ins companies have a similar system.

 

[nakkers]

FYI Desjardins has just announced this. Appears for auto only but, I suspect other providers with follow suit.

Imagine getting a break in rates for cages would be welcome.

Desjardins continues to support its members and clients, announcing a refund for auto insurance clients who are driving significantly less

/CNW Telbec/ - In an effort to support its clients, Desjardins General Insurance is offering refunds on auto insurance premiums for Personal and Business...

www.newswire.ca

Sent from my iPhone using Tapatalk

 

[ifiddles]

spoke to TDMM today and they don't do fire & theft only on motorcycles...they will offer to defer payments (for those who pay monthly) and to lower your estimated annual mileage ridden, increase deductible, lower liability (if you're at $2M) to try to bring your rate down, but other than that, nothing else...

 

[MSRP]

spoke to TDMM today and they don't do fire & theft only on motorcycles...they will offer to defer payments (for those who pay monthly) and to lower your estimated annual mileage ridden, increase deductible, lower liability (if you're at $2M) to try to bring your rate down, but other than that, nothing else...

YMMV, but due to having 2 bikes on the policy for the past few years, Allstate has allowed me to put one bike on fire/theft so long the other bike remains plated and insured for the road.

 

[PrivatePilot]

I think it's premature to "write off the season". This level of restriction won't last forever. There will be many months of good riding opportunities before the end of the season, even if it's solo or restricted so far as the size of the groups of buddies you can ride with.

 

[GreyGhost]

I think it's premature to "write off the season". This level of restriction won't last forever. There will be many months of good riding opportunities before the end of the season, even if it's solo or restricted so far as the size of the groups of buddies you can ride with.

The season probably isn't written off, but there is a high probability that one or more of the most expensive months (wrt insurance) may be no riding. This could be hundreds in savings for many people with literally no negative effect.

 

[PrivatePilot]

The season probably isn't written off, but there is a high probability that one or more of the most expensive months (wrt insurance) may be no riding. This could be hundreds in savings for many people with literally no negative effect.

Fair argument.

 

[Mad Mike]

I think it's premature to "write off the season". This level of restriction won't last forever. There will be many months of good riding opportunities before the end of the season, even if it's solo or restricted so far as the size of the groups of buddies you can ride with.

I agree it's too soon to cancel for avid riders. If you ride a few K a year and you don't use your bike as regular transportation and you're feeling a cash crunch than I'd take insurance off. Not much good for me as I ride my bike as my primary mode of transportation from April to November -- my car just sits.

I did switch my spare vehicles to CAA's pay as you go insurance -- it's really cheap if you have a spare and you don't pile a lot of miles on it. I keep a pickup truck because it's handy -- insurance cost me $90/1000km to a max of $900/year with CAA. Sadly they don't do bikes (yet), that would be an awesome plan for people that plate multiple motorcycles.

 

[Krime]

Car insurance companies will give customers back $800M in premiums

Allstate Corp, one of the largest U.S. auto insurers, said on Monday that most customers will receive a 'payback' of 15 percent of their monthly premium in April and May, totaling about $600 million.

www.dailymail.co.uk

Allstate US is reducing vehicle insurance rates by 15% for April/May due to COVID. Just got off phone with Allstate Canada and they just received word this is applying to Canada division as well, they're just learning more on the criteria that needs to be met to get the automatic discounts. It sounds hopeful. Great for those with Motorcycle insurance as well, although I just removed the bikes from my policy because they were far less elsewhere. LOL.

 

[Krime]

YMMV, but due to having 2 bikes on the policy for the past few years, Allstate has allowed me to put one bike on fire/theft so long the other bike remains plated and insured for the road.

Spoke to a Wawanesa broker last week and while they previously allowed one bike to be on fire/theft coverage if the other remained fully insured, they're looking at making an exemption to allow BOTH bikes to go fire/theft due to COVID. Haven't got official confirmation yet, but will follow up soon.

 

[Krime]

Just a reminder for those thinking of temporarily stopping coverage on a bike or car. Whatever you do, don’t cancel your insurance completely as it will negatively effect your future when you try and get things reinsured. Continuous coverage history is very important. Opt to reduce coverage to fire and theft at minimum, and be sure to discuss any ramifications for your potential actions with your agent/broker so you’re making the right moves. Most know this, just a friendly PSA for those who might not, especially newer riders.

 

[GreyGhost]

Just a reminder for those thinking of temporarily stopping coverage on a bike or car. Whatever you do, don’t cancel your insurance completely as it will negatively effect your future when you try and get things reinsured. Continuous coverage history is very important. Opt to reduce coverage to fire and theft at minimum, and be sure to discuss any ramifications for your potential actions with your agent/broker so you’re making the right moves. Most know this, just a friendly PSA for those who might not, especially newer riders.

IIRC, there is a timeframe where you can not have insurance but still have "continuous" insurance. I think 45 or 60 days. You have a good point and it is important for people to know what they are getting in to and potential implications.

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