Cancelling insurance policy?!

[1niceR6]

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Hello GTAM,

My buddy is insured with Jevco / Intact. After the tickets he got, he's sketched out and worried about an insurance hike. He's planning to sell his bike and cancel his insurance policy. He's told me that its been paid off and his renewal isn't until April 2013.

Is he looking @ any fee's?! Is there any negative repercussions to this?! He wants to ride down the road but with the tickets being on his record his gonna sit around and wait till it clears, I believe its 3 years?

Any input would be appreciated.

Thanks in advance!

 

[Medha]

Hey,

As long as he cancels on his renewal date - April 2013 he wont have to pay any fees or penalties.
The negative repercussions will be that most insurance companies look for continous/consecutive years of Motorcycle insurance experience. If he cancels his policy and waits until the tickets have fallen off - they may rate him as a new rider all over again.
Hope this helps!
Medha

Hello GTAM,

My buddy is insured with Jevco / Intact. After the tickets he got, he's sketched out and worried about an insurance hike. He's planning to sell his bike and cancel his insurance policy. He's told me that its been paid off and his renewal isn't until April 2013.

Is he looking @ any fee's?! Is there any negative repercussions to this?! He wants to ride down the road but with the tickets being on his record his gonna sit around and wait till it clears, I believe its 3 years?

Any input would be appreciated.

Thanks in advance!

 

[PLau]

Hello GTAM,

My buddy is insured with Jevco / Intact. After the tickets he got, he's sketched out and worried about an insurance hike. He's planning to sell his bike and cancel his insurance policy. He's told me that its been paid off and his renewal isn't until April 2013.

Is he looking @ any fee's?! Is there any negative repercussions to this?! He wants to ride down the road but with the tickets being on his record his gonna sit around and wait till it clears, I believe its 3 years?

Any input would be appreciated.

Thanks in advance!

Why doesnt your friend just wait for the renewal letter to come in to see exactly what he'd be paying the next year, or just call and get a quote with x amount of tickets on his record so he knows what to be expecting and can decide at that point. For all he knows, it could be like a $100 increase.

If the tickets hes been convicted of is dangerous driving or running from the police, thats a different story.

 

[Justind97]

Depending on his rating, some companies don't check every single year.

DON'T call and tell them, DON'T call and ask how much a ticket would cost extra etc. They flag your profile right away and you're screwed.

Dont lie to them or talk to them unnecessarily. If he's lucky, they won't check his record and be may get away with it for another year.

I did t get nailed for my ticket

 

[Boom King]

Here's the other thing to consider if you should ever file a claim, it doesn't take much effort for your insurance company to pull your record. Especially if it's a large claim, it's an opportunity for them to examine the policy all over again. It's written in your auto policy as part of your responsibilities to notify them of significant changes in your status as a driver or anything that would affect their willingness to insure you at your current rates.

Does that mean they would care so much if you got one single speeding ticket or some other minor infraction? Not so much in regards to a claim; however, if you had a handful of them in the past 3 years or a major infraction then it's a different story. Most companies would not insure or renew you in that circumstance. You run the risk that your insurance company will deny you when it comes time to file a claim. Again, it's just something to consider depending on individual circumstances.

 

[PLau]

Depending on his rating, some companies don't check every single year.

DON'T call and tell them, DON'T call and ask how much a ticket would cost extra etc. They flag your profile right away and you're screwed.

Dont lie to them or talk to them unnecessarily. If he's lucky, they won't check his record and be may get away with it for another year.

I did t get nailed for my ticket

Whats wrong with calling the insurance company and asking for a hypothetical quote given the age, city you live in, # of convictions? How would they "flag your profile" if they don't even know who you are?

I'm sure doing This ^^^^^ is a lot better than what the OP said that his "friend" wants to do - selling his bike and stop riding due to the risk of an insurance premium increase.

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