Cancelling insurance in order to switch to another insurer? | GTAMotorcycle.com

Cancelling insurance in order to switch to another insurer?

Corsara

Corsara

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Hello,

I just got a quote from State Farm, asking much less to insure my GSXR1000 than what Meloche Monnex is charging me. Given that I just renewed my insurance with Meloche Monnex, will I get some kind of penalties and bad repercussions if I cancel the coverage with them, so that I move to State Farm?
 
It should state in your policy about cancellations. You may have to pay a cancellation penalty.
 
You just renewed your policy, so I presume that you've been with Meloche for at least a year now. If this is the case, then you shouldn't have to worry about the minimum retained premium and I don't think you will have to pay any penalties. Since TD/MM renews all policies on April 1st, you probably won't have any outstanding premium that you will owe either (but you can check using my TD/MM Cancellation Sticky). Before you actually cancel, phone TD and ask them what to expect.

Cancelling your policy on your own free will does not affect your insurance record at all. If the savings are substantial, I would cancel and switch to SF.
 
VifferFun said:
You just renewed your policy, so I presume that you've been with Meloche for at least a year now. If this is the case, then you shouldn't have to worry about the minimum retained premium and I don't think you will have to pay any penalties. Since TD/MM renews all policies on April 1st, you probably won't have any outstanding premium that you will owe either (but you can check using my TD/MM Cancellation Sticky). Before you actually cancel, phone TD and ask them what to expect.

Cancelling your policy on your own free will does not affect your insurance record at all. If the savings are substantial, I would cancel and switch to SF.
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THANK YOU! I'll check your thread, but I like what I'm hearing and thanks for the advice. Yes, the savings are substantial.
 
Corsara said:
THANK YOU! I'll check your thread, but I like what I'm hearing and thanks for the advice. Yes, the savings are substantial.
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No problem. Since we are only in early May, my guess is that you can expect a small refund if you were to cancel today. When you call MM, ask the following:

1.) Will I be charged any sort of penalty (such as for minimum retained premium)?

2.) Is there any outstanding premium that I still owe to MM (i.e. for premium earned/used up but not yet paid for)? Or, does MM owe me any refunds (i.e. if you already paid last month's premium, or you have "used up" less premium than you have already paid)?
 
VifferFun said:
No problem. Since we are only in early May, my guess is that you can expect a small refund if you were to cancel today. When you call MM, ask the following:

1.) Will I be charged any sort of penalty (such as for minimum retained premium)?

2.) Is there any outstanding premium that I still owe to MM (i.e. for premium earned/used up but not yet paid for)? Or, does MM owe me any refunds (i.e. if you already paid last month's premium, or you have "used up" less premium than you have already paid)?
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..wrote down these things so that I don't forget to ask! I'll call them next monday, want to meet with the State Farm broker first and decide on a date when new policy will come in effect, then I'll call MM to cancel from that day onwards.
 
Good luck!

In my opinion, SF offers better service than TD/MM, so paying less premium AND getting a better client experience is a pretty sweet deal. I work for neither company :p
 
A small update: got the State Farm insurance. Dropped the TD MM insurance---got refunded $9 :) Can't be happier, especially after the fact that State Farm is $1,000 cheaper and also comes divided into 12 payments (vs mandatory 7 payments with TD MM).
 
Oh, and one more thing: SF insurance includes comprehensive, whereas TD MM told me they can't insure my bike for theft. :)
 
My state farm quote for home, vehicle, and bike, was less than the quotes i was getting for just the bike elsewhere. I switched too!!
 
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