Insurance cancelation info

[Inblues]

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Hi all. I have a friend who is trying to find out how much insurance cancelation would be if he buys insurance lets say March 10th 2024 and cancels it 30 days later and if his premium is $2000?
Reason is to take a bike for 30 day trip to States and back.
Thank you in advance

 

[Wind Shear]

Prorated seasonally, depending on policy (the all have this now).
could get maybe 70%-80% returned, minus any additional policy cancellation fees.

From 2 second google search:

 

[Inblues]

Prorated seasonally, depending on policy (the all have this now).
could get maybe 70%-80% returned, minus any additional policy cancellation fees.

From 2 second google search:

Thank you

 

[Wind Shear]

I wouldn't be surprised if most insurers have some kind of additional "cancellation within the first year of coverage" clause in their policy.

 

[GreyGhost]

There are potentially three things that may impact cost. The used premium (similar to the table above but may be different for different insurers), minimum retained policy (this one may bite them as company doesn't want to do all the work to create policy and have you cancel before they make any money) and potentially a cancellation fee (although when I have cancelled in the past, I didn't get hit with this).

 

[Inblues]

I wouldn't be surprised if most insurers have some kind of additional "cancellation within the first year of coverage" clause in their policy.

And that is exactly what we looking for to find out....additional cancelation charge...how much are they

 

[LBV]

Best way is to call the insurer. You can pretend to be a possible customer just asking some questions and "shopping around".

 

[Inblues]

Best way is to call the insurer. You can pretend to be a possible customer just asking some questions and "shopping around".

I did and they don't want to tell me anything about cancelation fee without signing for policy first, stupid

 

[LBV]

Try a few other insurers.

 

[PrivatePilot]

Google "minimum retained premium" and ask for clarification on that, somewhat covertly as part of the conversation.

The weighted nature of motorcycle insurance may further muddy the situation.

There may also be additional fees, again, you need to clarify all of it beforehand.

Don't mention you plan to cancel the policy after 30 days, a lot of insurers may not want to bother with you, which is perhaps what happened with them refusing to disclose, although I'm not sure on the legality of that....I suspect they were just trying to avoid writing the policy knowing you were going to just cancel it if you were too upfront about that.

Why does he/she not want to keep the bike on the road? This seems like a weird situation.

 

[Relax]

Thank you

You should be aware these charts vary by insurers. Why doesn't your friend just ask their insurer to get the correct number?

If they don't want to provide the info up front, that says a lot about how they might be to deal with down the road.

 

[Jay Alexander]

Minimum retained premium usually isn't very high. It's short-rate cancellation fee you are looking for.

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