Insurance cancelation info
- Thread starter Inblues
- Start date
Prorated seasonally, depending on policy (the all have this now).
could get maybe 70%-80% returned, minus any additional policy cancellation fees.
From 2 second google search:
could get maybe 70%-80% returned, minus any additional policy cancellation fees.
From 2 second google search:
Prorated seasonally, depending on policy (the all have this now).
could get maybe 70%-80% returned, minus any additional policy cancellation fees.
From 2 second google search:
Thank you
I wouldn't be surprised if most insurers have some kind of additional "cancellation within the first year of coverage" clause in their policy.
There are potentially three things that may impact cost. The used premium (similar to the table above but may be different for different insurers), minimum retained policy (this one may bite them as company doesn't want to do all the work to create policy and have you cancel before they make any money) and potentially a cancellation fee (although when I have cancelled in the past, I didn't get hit with this).
And that is exactly what we looking for to find out....additional cancelation charge...how much are they
Google "minimum retained premium" and ask for clarification on that, somewhat covertly as part of the conversation.
The weighted nature of motorcycle insurance may further muddy the situation.
There may also be additional fees, again, you need to clarify all of it beforehand.
Don't mention you plan to cancel the policy after 30 days, a lot of insurers may not want to bother with you, which is perhaps what happened with them refusing to disclose, although I'm not sure on the legality of that....I suspect they were just trying to avoid writing the policy knowing you were going to just cancel it if you were too upfront about that.
Why does he/she not want to keep the bike on the road? This seems like a weird situation.
The weighted nature of motorcycle insurance may further muddy the situation.
There may also be additional fees, again, you need to clarify all of it beforehand.
Don't mention you plan to cancel the policy after 30 days, a lot of insurers may not want to bother with you, which is perhaps what happened with them refusing to disclose, although I'm not sure on the legality of that....I suspect they were just trying to avoid writing the policy knowing you were going to just cancel it if you were too upfront about that.
Why does he/she not want to keep the bike on the road? This seems like a weird situation.
Relax
Well-known member
You should be aware these charts vary by insurers. Why doesn't your friend just ask their insurer to get the correct number?
If they don't want to provide the info up front, that says a lot about how they might be to deal with down the road.
Jay Alexander
Well-known member
Minimum retained premium usually isn't very high. It's short-rate cancellation fee you are looking for.
