Insurance wants a lump sum payment

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Noob28

Well-known member
So as the title says Desjardin wants a lump sum payment for a 03 zzr600, they said since I don't have anything else with them this was the only payment plan. Is this reasonable? Would I be stupid to take this?
Thanks
 
Noob28 said:
So as the title says Desjardin wants a lump sum payment for a 03 zzr600, they said since I don't have anything else with them this was the only payment plan. Is this reasonable? Would I be stupid to take this?
Thanks
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We're at the mercy of insurance providers in the GTA. If the price difference is significantly low compared to elsewhere (monthly payments), then I would go for it (lumpsum). Also depends on how large the premium is.

On a different note, are you sure you want to get a 15 year old bike? From your recent posts and user id, seems like you're a new rider.
 
Did you already buy the bike? In my experience, Desjardins (well, I'm with State Farm still, technically) is one of the more expensive places for older vehicles, even with all the discounts I get for multiple policies, multiple vehicles, good driver, etc. Try TD - I use them for one of my older bikes and they offered me a monthly payment plan even though that's the only thing I have insured with them.
 
roadrash said:
We're at the mercy of insurance providers in the GTA. If the price difference is significantly low compared to elsewhere (monthly payments), then I would go for it (lumpsum). Also depends on how large the premium is.

On a different note, are you sure you want to get a 15 year old bike? From your recent posts and user id, seems like you're a new rider.
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Yeah I will take a person who knows before I buy it. So I don't get screwed.
 
Relax said:
Did you already buy the bike? In my experience, Desjardins (well, I'm with State Farm still, technically) is one of the more expensive places for older vehicles, even with all the discounts I get for multiple policies, multiple vehicles, good driver, etc. Try TD - I use them for one of my older bikes and they offered me a monthly payment plan even though that's the only thing I have insured with them.
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I'm under 25 with a g2 so it might not be a option but I will give them a call today.
 
nothing wrong with lump sum
there is interest in the payment plan
so it will save you money

when you sign an insurance app
fine print gives them authority to pull a credit report
if you don't have anything on that, maybe this is why lump sum?
 
JavaFan said:
nothing wrong with lump sum
there is interest in the payment plan
so it will save you money

when you sign an insurance app
fine print gives them authority to pull a credit report
if you don't have anything on that, maybe this is why lump sum?
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I read reports that they dont/cant do credit checks on insurance in ontario.

Fair game in the Us of A though.
 
bigpoppa said:
I read reports that they dont/cant do credit checks on insurance in ontario.

Fair game in the Us of A though.
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they certainly do - some of them
I received a notice when my ins. company pulled a credit file on me not long ago
called the broker to raise hell, she pointed out to me where I had agreed to let them do it
but only if you sign an app that gives them authority to do so, varies by company
 
Pay the lump sum, if you need monthly payments because you can't afford the lump sum, you shouldn't be riding.
 
I was on monthly payments, decided to switch to lump sum to pay it on my CC and get the points instead. The small difference the cash sitting in my bank account makes nothing in interest or invested.
 
JavaFan said:
nothing wrong with lump sum
there is interest in the payment plan
so it will save you money

when you sign an insurance app
fine print gives them authority to pull a credit report
if you don't have anything on that, maybe this is why lump sum?
Click to expand...

Maybe I don't use my credit card often.
 
Noob28 said:
Maybe I don't use my credit card often.
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Probably this. I pay monthly with them.

Sent from my purple G4 using Tapatalk
 
JavaFan said:
nothing wrong with lump sum
there is interest in the payment plan
so it will save you money

when you sign an insurance app
fine print gives them authority to pull a credit report
if you don't have anything on that, maybe this is why lump sum?
Click to expand...

FYI, this is illegal in Ontario for auto (bike) insurance.

Home insurance is a different story.
 
There you have it.
 
the credit check part
 
JavaFan said:
suppose I should report Economical to the OPP
you just told me they are a criminal organization
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nah call a good law firm
 
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