Cancellation Q

Ugur Dinch

Ugur Dinch

Well-known member
Site Supporter
Hello,

I've let my insurance expire last month on Mar 14th, and got a new one + sold the bike on that same day on Mar 22nd.

I just received a call from my agent (Aleks Hara), asking me what's going on with my old insurance expiry situation (the one that finished its year). I told him I got better quotes from TD, and switched and now he tells me that I have to pay a portion in order to avoid "cancellation due to non-payment", because a contract renews itself if not cancelled ??

Not that I don't trust the guy or anything but is there any other way around it ?
 
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Seems about right. If you insured the new bike and didn't cancel your the policy before it renewed for the year.

If you didn't insure the new bike, that would be a different story (I think).

Any idea of how much the cancellation fee is though?
 
PLau said:
Seems about right. If you insured the new bike and didn't cancel your the policy before it renewed for the year.

If you didn't insure the new bike, that would be a different story (I think).

Any idea of how much the cancellation fee is though?
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Insurance auto-renews if you didnt tell them not to they renewed it.

So you still have that policy..so yea you will have to pay it
 
Two50noob said:
Insurance auto-renews if you didnt tell them not to they renewed it.

So you still have that policy..so yea you will have to pay it
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Would it auto renew if you sold the bike that was insured and didn't insure a new bike? (After notifying them that you sold the bike)
 
If you notified them your selling the bike i would say thats the same as you saying its not needed. You cant insure someone elses property for obviouse reasons
 
Two50noob said:
If you notified them your selling the bike i would say thats the same as you saying its not needed. You cant insure someone elses property for obviouse reasons
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I guess you would have to sign the cancellation papers still so it could be a possibility that it would still auto renew if that wasn't done.
 
Yea but if you call them it would be like this

You:"Hello i dont own that bike anymore"
Insurance: "Okay so you want to cancle the policy"

OP may not have told insurance he sold it.
 
I'm in the process of cancelling my insurance and going with another company.

Yes, you need to call them and cancel. If your policy is renewing and you don't tell them you want to cancel they will assume you want to continue with the renewal.

If you cancel before your renewal or after it (i am doing the latter) you are sometimes charged a cancellation fee.
I'm looking at anywhere from $350 to $600 to cancel.
 
I just cancelled mine. It renewed March 12th this year....and I'm cancelling April 15th.

$249 for the Car and Bike cancel and $40 for the house
 
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