Is there such thing as seasonal insurance?
- Thread starter epik89
- Start date
It doesn't really exist anymore from what I understand. You can take off liability during the winter to reduce your monthly payment for the short term but when you put it back at the start of riding season they'll bill you for those months. It's pretty much the same as paying annually, they're just weighting the premiums more heavily during riding season.
If you pay $1000/yr to insure a bike, about $850 of that covers you for the Spring/Summer and $150 covers you for Fall/Winter (this is just a hypothetical scenario). Cancelling your policy in the winter will save you very little. As an insurer, your "annual" premium is really a 6MO policy with the off-season months thrown in for free.
I have posted stickies on the topic of cancellation that explain the concept of "using up" Premium. Consider a "seasonal" policy as one where you are completely cancelling the policy every winter and then opening a new policy in the Spring. Run some scenarios to see what little savings there are and it should make sense to you:
http://www.gtamotorcycle.com/vbforu...-Farm-policy-Want-to-know-your-Penalty-Refund
I have posted stickies on the topic of cancellation that explain the concept of "using up" Premium. Consider a "seasonal" policy as one where you are completely cancelling the policy every winter and then opening a new policy in the Spring. Run some scenarios to see what little savings there are and it should make sense to you:
http://www.gtamotorcycle.com/vbforu...-Farm-policy-Want-to-know-your-Penalty-Refund
So let's say for example, we had nice weather all year round like those middle eastern countries....would our insurance premiums be double because we'd be riding in the months of Oct-Mar?
If the claims in a given year doubled, then yes, the premiums would double. I don't think the claims would double though, because if Ontarians were able to ride year round hey would probably be much better riders (i.e. wouldn't get rusty over the winter) and the car drivers would be more aware of motorcyclists on the road.
