Cancelling renewal and setting up new policy

bigpoppa

bigpoppa

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I just cancelled my renewal because I found better quotes elsewhere,
but the insurance doesn't actually expire till late September



If i sign up with someone else now, will it activate after
the expiration of the old policy? And will they start
charging me for the new policy right away or after it comes
into effect(after the old policy has expired?)



Shoud i just wait until its closer to the expiration
of the policy before signing up for a new policy so i don't end pay
paying for a policy when i am currently covered by the
old one? Or should I just sign up now?



Thanks
 
So even if you set up the policy now, they wont actually charge until the coverage begins?
 
talk to the broker(s) to be sure you're accurate with the dates,
if you don't cancel in time you may be stuck with penalties to get out of the renewal
and you can request any effective date you want on the new policy
I'd advise a one day overlap to be sure there is always coverage
 
You can have multiple insurance policies, so if you don't specific coverage dates carefully with the new carrier...yes, you could end up paying twice, so be sure to be clear with the dates.

And like others I always do a 24 hour overlap of coverages with any policy changes just to be sure there's no gap, both for actual riding/driving purposes, but for ensuring there was no lapse in coverages that a carrier could try to hold against you in the future.
 
Was able to cancel the policy before the renewal could go into effect, and before they could charge me for renewal....found one thing really sneaky though


My policy was scheduled to renew like sept 26, but they already had scheduled to start charging me a MONTH before that, on aug 26...even though my old policy would still be in effect..

one month before your old policy expires, and 1 month before your new one starts...they have already started charging you for the new one..that seems a little sneaky to me..good thing i was on top of it..have a feeling they make money off a lot of people they catch slippin


I think i will just get the new policy to go in effect a few days before the current one expires just to stay on top of things and make sure there is no lapse

Thanks guys
 
bigpoppa said:
Was able to cancel the policy before the renewal could go into effect, and before they could charge me for renewal....found one thing really sneaky though


My policy was scheduled to renew like sept 26, but they already had scheduled to start charging me a MONTH before that, on aug 26...even though my old policy would still be in effect..

one month before your old policy expires, and 1 month before your new one starts...they have already started charging you for the new one..that seems a little sneaky to me..good thing i was on top of it..have a feeling they make money off a lot of people they catch slippin


I think i will just get the new policy to go in effect a few days before the current one expires just to stay on top of things and make sure there is no lapse

Thanks guys
Click to expand...

Not sure why anyone needs to have overlap in coverage, tell the old insurance company the day you want to cancel, and tell the new insurance company the day you want your new policy to start.....there really is no need for overlap and or worry of not having coverage, they put it into a computer and it's done, hell most companies now can email you the slips, until the original ones come in the mail. I just did this when we purchased a new vehicle, told them the day I was picking up the new car, and I wanted the old car off the policy and the new one on, and it was for the same day, car was picked up around 3 in the afternoon, slips were emailed to me the morning of, and when new policy came in the mail, so did the new slips about 4 days latter, and the old car was not on the policy nor was I charged for any extra days.

At least that is how my dealings usually go....
 
Make sure you tell the current insurance company you are cancelled upon renewal. They may ask you to sign and return a cancellation request.

It's to cover themselves in the event you didn't get coverage elsewhere and something happens.

It's expected you will automatically be renewed to ensure continued coverage.

You can call them and tell them you found coverage elsewhere and they will refund any premiums paid towards the renewal.

And you can start the new policy at your renewal date of the old policy. It's not a problem. Most companies have the same start/end time for the date you choose. But check to make sure.


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bigpoppa said:
Was able to cancel the policy before the renewal could go into effect, and before they could charge me for renewal....found one thing really sneaky though
Click to expand...

You cancelled it already...or just cancelled the renewal?

Be careful cancelling any MC policy this time of year as the way MC policies are weighted cancelling in the summer months that you started in the fall (hence the September renewal date) can/will result in you getting a bill in the mail for the remainder of the weighted coverage period. You might as well just wait it out until it's natural end otherwise you end up paying twice - the old insurers remainder of the balance due, and the new insurer.

Regardless, it's all moot - insurance companies will simply refund unused premiums...so even if the current insurer had prebilled you (I agree, most do such) you'd just get a refund directly back to your account, or a cheque in the mail. They don't just keep it aside from any any fees you might incur by cancelling early or whatnot..and again, not all insurers even do that.
 
nakkers said:
Make sure you tell the current insurance company you are cancelled upon renewal. They may ask you to sign and return a cancellation request.

It's to cover themselves in the event you didn't get coverage elsewhere and something happens.

It's expected you will automatically be renewed to ensure continued coverage.

You can call them and tell them you found coverage elsewhere and they will refund any premiums paid towards the renewal.

And you can start the new policy at your renewal date of the old policy. It's not a problem. Most companies have the same start/end time for the date you choose. But check to make sure.


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Click to expand...
Yep, had to sign a little note for a cancellation request
PrivatePilot said:
You cancelled it already...or just cancelled the renewal?

Be careful cancelling any MC policy this time of year as the way MC policies are weighted cancelling in the summer months that you started in the fall (hence the September renewal date) can/will result in you getting a bill in the mail for the remainder of the weighted coverage period. You might as well just wait it out until it's natural end otherwise you end up paying twice - the old insurers remainder of the balance due, and the new insurer.

Regardless, it's all moot - insurance companies will simply refund unused premiums...so even if the current insurer had prebilled you (I agree, most do such) you'd just get a refund directly back to your account, or a cheque in the mail. They don't just keep it aside from any any fees you might incur by cancelling early or whatnot..and again, not all insurers even do that.
Click to expand...
Cancelled the renewal, broker says policy wont renew on 26 which is when the old one expires

There was no balance due, i had checked the billing schedule, the last payment towards the old policy was on july 26 i believe(also confirmed this with the broker)

I'll likely have a new one scheduled to start a few days before then

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Last edited:
bigpoppa said:
Yep, had to sign a little note for a cancellation requestCancelled the renewal, broker says policy wont renew on 26 which is when the old one expires

I'll likely have a new one scheduled to start a few days before then
Click to expand...

Cool. As others mentioned the overlap isn't really necessary but for the pennies involved I always feel better about doing so. Some insurance companies have different policies on when a policy becomes active and it could be difficult to schedule one to terminate at the exact same minute the other goes into force. Our car insurance company for example can only terminate/enact a policy at exactly midnight, but our MC insurance company can do it anytime - the ability to lineup both perfectly would depend on the ability of each company, so overlapping by 24 hours just simplifies things in my head.
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