Anyone sell your bike while with statefarm?

[KrazyBones]

Forum Sponsor

I know this should be in the insurance section but no one was able to answer this there:

Couple of friends of mine sold their bikes and did not have to pay the remainder of the year. Now i understand there is penalty or refund depending how you used up your policy if you cancel it.... but how does it work if you sell? Are my friends right and say that if you sell you are no longer on the hook even-though you may have payed less than you used?

Anyone, please let me know. This is with statefarm btw

 

[invictus43]

In general, if you no longer require insurance, and you have paid for a period of time greater than you use, you will be refunded. For instance, if you pay for 1 year and you cancel your insurance 6 months in, you will be refunded for the remainder of the year. That may differ depending if you're paying a higher amount in summer versus winter so it may not be exactly the value you think, but in general, you get back what you don't use.

 

[jeffjones]

http://www.gtamotorcycle.com/vbforu...-Farm-policy-Want-to-know-your-Penalty-Refund

It has the table on that link where it tells you what percentage for what month.
Mid summer months count towards 16-18ish% of your yearly premium.
The longer you use it in the summer the more you will have to pay in the end.

Your friends are incorrect unless they sold the bike at the beginning of the season where you haven't used your high % months

 

[KrazyBones]

ya thats what i thought... thats what i get for listening to retards lol

 

[BPS88]

had a bike last summer and sold it in August...cancelled the policy and no additional fees. they just asked for 30 notice prior to next payment.

 

[KrazyBones]

when did your policy start?

 

[jeffjones]

had a bike last summer and sold it in August...cancelled the policy and no additional fees. they just asked for 30 notice prior to next payment.

Was that with state farm?

 

[ajaxguy]

SF has changed there policy. If you cancel your policy before the end of the year, you are required to pay the remainder.

 

[The Road Warrior]

I don't know about others, but I have sold a bike while with State Farm and never had to pay anything, just called them up and told them to cancel my insurance and that was that. This was a few years ago, don't know what it's like now.

 

[djbordie]

im on bike 6 with statefarm, lots of juggling (sales, theft, etc)

If you are on the month to month, remember your paying less in to your premiums in the winter months. I actually owed state farm money in one cases, upwards of 500$!!!!

Just because of the timing of my sale. However I have had the opposite happen as well.

Definitely ask your broker for some exact figures and also figure if waiting a month or two will help.

 

[jeffjones]

I don't know about others, but I have sold a bike while with State Farm and never had to pay anything, just called them up and told them to cancel my insurance and that was that. This was a few years ago, don't know what it's like now.

I believe they changed it a couple years back as too many people were taking their insurance off for the winter and riding before they put it back on.

 

[short stop]

I've sold a few bikes while with State Farm over the past few years, and I honestly don't remember paying/getting money back. I'm guessing the timing has been a factor (renewals are in August). Last August I got the Harley and cancelled insurance on the Ninja, and I simply stopped paying for the Ninja and instead began paying for my new bike.

 

[polo]

Your buddy had his insurance "Suspended". There is no month lead in, and he only had to pay the pro rate of what he owed from his last payment.

Any state farm agent can do this, and they prefer it to reduce paper work on their end because you always have a policy with them, and in the case you should return, they simply resume your policy and just update the details of your new vehicle, like you never left.

Forum Sponsor