Jevco Cancellation

[Taz]

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Recently sold my bike and I went to cancel my insurance hoping to see some of that insurance money I paid back in February refunded back but was told that Jevco doesn't refund any of your premium 151 days after the policy start date.
I fail to see how that makes any sense...if my policy starts in February then how can they allocate my premium so heavily over the months of February and March when hardly anybody rides in those months anyway?
In my head, I should be entitled to AT LEAST something back considering I won't be riding in August or September, which would generally be considered fairly "busy" riding months.


P.S. I looked over Viffer's penalty/refunds stickies on TD/Primmum/SF but didn't notice any mention on Jevco, hence this thread.

 

[lil sushi]

It's written in the contract somewhere when you got your policy decs. I was told the same and found the wording somewhere.

 

[JZ67]

Bulk of the premiums are in the first few months, after that the premiums are greatly reduced. With some insurance companies the same thing applies and you buy a bike in September, you pay a fraction of your premiums.

If you paid in full at the onset of your policy, I would expect them to return the unused portion as well, though that may be very little.

 

[VifferFun]

I didn't make a post about Jevco because I didn't know what their premium-earning schedule was like. It sounds like it is simplified and based on the assumption that most people would first purchase a policy in the Spring, not in the Winter. I think I have seen the premium-earning schedule once before, and I think you are correct about the 151 day rule. I don't agree with it (since it doesn't accurately match premium to risk for people who commenced their policy in the Winter), but since it's described in your contract then there isn't much you can do.

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