NEED ADVICE! Good idea to cancel insurance? | GTAMotorcycle.com

NEED ADVICE! Good idea to cancel insurance?

jjorda01

jjorda01

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Hi guys,

I'm 23 years old turning 24, first year riding. I'm with TD insurance right now and I'm paying $2300 for a Suzuki GS500F.. I'm paying monthy, is it a good idea to cancel insurance now? I have about $1000 left in my account and if I cancel, I would have to pay $300 and thats it. I'm thinking of cancelling it to save a few bucks since it will most probably be the same next year... so is it a good idea? what would be the consequence if I cancel? Thanks! :)
 
As above. If you are planning on continuing riding, there are so many reasons not to cancel and so few in favor of cancelling. Good for you to have some concept of earned vs. used premium though, that's 10 steps ahead of most people.
 
generally insurance is pro-rated, i.e. you will only be paying a few bucks in the winter, and a lot more in the summer. They typically average the amount over a year. In other words in the summer you are probably paying ~$400/month and in the winter ~$20/month, so cancelling is usually a bad idea from cost savings point of view.
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