So i sold my bike and and am thinking should i cancel the insurance?

R

rashidme

Well-known member
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My broker told me that the difference is $343. What should i do here, keep the insurance or pay the difference. I am with statefarm by the way.

[TABLE="width: 583"]
[TR]
[/TR]
[TR]
[TD][/TD]
[TD][/TD]
[TD="bgcolor: yellow"]Total Annual Premium [/TD]
[TD][/TD]
[TD][/TD]
[/TR]
[TR]
[TD]% of Premium [/TD]
[TD][/TD]
[TD="bgcolor: yellow"]$1,470.40 [/TD]
[TD][/TD]
[TD][/TD]
[/TR]
[TR]
[TD][/TD]
[TD][/TD]
[TD]seasonal[/TD]
[TD]SF Rate[/TD]
[TD]diff[/TD]
[/TR]
[TR]
[TD]2%[/TD]
[TD]January [/TD]
[TD]$29.41 [/TD]
[TD]$122.53 [/TD]
[TD]$93.13 [/TD]
[/TR]
[TR]
[TD]2%[/TD]
[TD]February[/TD]
[TD]$29.41 [/TD]
[TD]$122.53 [/TD]
[TD]$93.13 [/TD]
[/TR]
[TR]
[TD]4%[/TD]
[TD]March[/TD]
[TD]$58.82 [/TD]
[TD]$122.53 [/TD]
[TD]$63.72 [/TD]
[/TR]
[TR]
[TD]8%[/TD]
[TD]April[/TD]
[TD]$117.63 [/TD]
[TD]$122.53 [/TD]
[TD]$4.90 [/TD]
[/TR]
[TR]
[TD]12%[/TD]
[TD]May[/TD]
[TD]$176.45 [/TD]
[TD]$122.53 [/TD]
[TD]($53.91)[/TD]
[/TR]
[TR]
[TD]16%[/TD]
[TD]June[/TD]
[TD]$235.26 [/TD]
[TD]$122.53 [/TD]
[TD]($112.73)[/TD]
[/TR]
[TR]
[TD]16%[/TD]
[TD]July[/TD]
[TD]$235.26 [/TD]
[TD]$122.53 [/TD]
[TD]($112.73)[/TD]
[/TR]
[TR]
[TD]16%[/TD]
[TD]August[/TD]
[TD]$235.26 [/TD]
[TD]$122.53 [/TD]
[TD]($112.73)[/TD]
[/TR]
[TR]
[TD]12%[/TD]
[TD]September[/TD]
[TD]$176.45 [/TD]
[TD]$122.53 [/TD]
[TD]($53.91)[/TD]
[/TR]
[TR]
[TD]8%[/TD]
[TD]October[/TD]
[TD]$117.63 [/TD]
[TD]$122.53 [/TD]
[TD]$4.90 [/TD]
[/TR]
[TR]
[TD]2%[/TD]
[TD]November[/TD]
[TD]$29.41 [/TD]
[TD]$122.53 [/TD]
[TD]$93.13 [/TD]
[/TR]
[TR]
[TD]2%[/TD]
[TD]December[/TD]
[TD]$29.41 [/TD]
[TD]$122.53 [/TD]
[TD]$93.13 [/TD]
[/TR]
[TR]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[/TR]
[TR]
[TD][/TD]
[TD][/TD]
[TD]Should Have paid[/TD]
[TD]Paid [/TD]
[TD]diff[/TD]
[/TR]
[TR]
[TD][/TD]
[TD][/TD]
[TD]$1,323.36 [/TD]
[TD]980.24[/TD]
[TD]$343.12 [/TD]
[/TR]
[/TABLE]
 
Do I really gotta be the A-hole here and ask why you're gonna pay for something you no longer own?
 
lil sushi said:
Do I really gotta be the A-hole here and ask why you're gonna pay for something you no longer own?
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I think he should keep paying forever. Make sure you get homeowners insurance even if you don't own a home.

And why not take a policy out at Lloyds of London to insure your legs for 1 million dollars, just like Catherine Bach did.
 
DEFINITELY keep insuring a vehicle you don't own.
 
Waht you can do is transfer the insurance to my bike, don't worry, I won't do anything crazy.
 
rashidme said:
u guys r f*****g funny. lol.
Click to expand...

If your next bike is next season there is no point to continue paying. You only keep insurance at minimum levels if you calculate a savings if you were to insure again in 2 or 3 years by keeping it. Don't let the agent BS you and shop around, see what others say.
 
Last edited:
Im confused, you are looking to cancel recently or now.

Shouldnt you get a refund or it be a wash, considering you payed the majority of your premiums in the summer months?

My situation may be different as i was thinking of cancelling near the end of my policy renewal, but still 2 months away.
They said i would be owed ~300$ but anyways.

The other thing to consider is keeping the policy alive, and transferring to your next bike could save you in the future. I may be wrong but I think if you cancel and start fresh, you lose your "loyalty" points and may have a different rate next time round.
 
you already used up your liability and comprehensive coverage so if you cancel you'll get a bill for that. cancelling now will save you a bit of fire n' theft.
 
RedDogDarren said:
If your next bike is next season there is no point to continue paying. You only keep insurance at minimum levels if you calculate a savings if you were to insure again in 2 or 3 years by keeping it. Don't let the agent BS you and shop around, see what others say.
Click to expand...
thats why i posted here before giving answer to my agent to get the opinion.
 
As much as I harp on people not to cancel over the winter to save the 4%, if you no longer have a bike (and have the $343), cancelling and saving the money seems to be the way to go for you.
 
You should cancel. Even if you do get a discount next year when you get a bike for being a "loyal" customer, chances are it isn't going to be a discount greater than $343.
 
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