Stopping insurance payments over the winter months?

plastiqe

plastiqe

Member
I have Jevco which started in August 2013; the payments are ~ $100 per month. I'm not planning to ride my bike anymore until the spring.

When I renewed in August I got similar quotes from different companies, Jevco was a tiny bit cheaper so I went with them. To me it seems like I should just stop paying for the next couple months when I won't need any coverage and then start it up again in the spring. Even if it has to be with a different insurance company it'd still save me ~ $400 for the months I wouldn't pay for.

I haven't read the fine print, but say for example I was away traveling for several months or thinking about putting my bike up for sale... is there any way to put the payments on hold (or cancel and start up again) till the spring?
 
plastiqe said:
I have Jevco which started in August 2013; the payments are ~ $100 per month. I'm not planning to ride my bike anymore until the spring.

When I renewed in August I got similar quotes from different companies, Jevco was a tiny bit cheaper so I went with them. To me it seems like I should just stop paying for the next couple months when I won't need any coverage and then start it up again in the spring. Even if it has to be with a different insurance company it'd still save me ~ $400 for the months I wouldn't pay for.

I haven't read the fine print, but say for example I was away traveling for several months or thinking about putting my bike up for sale... is there any way to put the payments on hold (or cancel and start up again) till the spring?
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I used to do this with state farm. You only end up saving like ten bucks a month for about three months
 
spaceboy said:
http://www.gtamotorcycle.com/vbforu...immum-policy-Want-to-know-your-Penalty-Refund
These numbers are for TD, but the idea applies to all insurance companies.
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So looking at those charts if I've paid from August to November I owe/recieve 0%.

I understand that the basic idea is the insurance covers the entire year and the payments don't reflect the actual coverage. My last insurance the payments were weighted all at the beginning but this one is monthly. I haven't called them to ask yet but it seems like I could take advantage of the monthly payments here.
 
Just keep paying. As stated above, you save almost nothing and when you get a beautiful day in january, you can go for a ride. A few years ago, I put on 20,000 km between january and april. There are some really nice riding days in the winter most years.
 
plastiqe said:
So looking at those charts if I've paid from August to November I owe/recieve 0%.

I understand that the basic idea is the insurance covers the entire year and the payments don't reflect the actual coverage. My last insurance the payments were weighted all at the beginning but this one is monthly. I haven't called them to ask yet but it seems like I could take advantage of the monthly payments here.
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No it means when you pay the same payment amount in January it's offsetting the cost of a lower payment in june.

They payment for june should be $400 or whatever, and january $0.

Basically if you stop paying or cancel in november, you just owe them that money anyway.
 
insurance is prorated. this is covered all over the internet, probably as much as grumpy cat.

you're evenly paying over year but they allocate the majority of your premiums in the riding months.
 
JFD said:
this is covered all over the internet, probably as much as grumpy cat.
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grumpy-cat-8141_preview_zps9177ab07.png
 
Afaik, most insurance companies call that canceling a policy, and they hold that against you. Also, when they look at your riding experience, they're looking at years of continuous coverage, not years with a license.
 
No matter what you decide if you wish to cancel your insurance send them a letter in writing. Auto insurance will auto renew, by law, so if you just wait until the policy runs out you will still owe them money, until you convince them you cannot ride or you have a new policy with someone else, and can prove it.

You pay no premium during the winter months, so riding is free. You pay more during the summer and riding months. Cancelling will result in the insurance company asking for premiums used during the summer.
 
Iceman said:
Afaik, most insurance companies call that canceling a policy, and they hold that against you. Also, when they look at your riding experience, they're looking at years of continuous coverage, not years with a license.
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Not necessarily true. I slept on my M2 for a year after I got it, and my rates were almost half of what they would have been if I got insured right away. However, most insurance companies do ask if you've ever cancelled your policy, and I can only assume the algorithms they use don't like that..
 
Iceman said:
Afaik, most insurance companies call that canceling a policy, and they hold that against you. Also, when they look at your riding experience, they're looking at years of continuous coverage, not years with a license.
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They consider years of continuous coverage AND years with a license.

Torcida said:
Not necessarily true. I slept on my M2 for a year after I got it, and my rates were almost half of what they would have been if I got insured right away. However, most insurance companies do ask if you've ever cancelled your policy, and I can only assume the algorithms they use don't like that..
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They ask if you're policy has been cancelled (by the insurance company) usually due to non-payment or if you exceed the ticket limit they set.

As for cancelling over the winter months, heres a pdf of what my SF Agent sent me a month ago.

npXO2Uo.png
 
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PLau said:
Lol, ok. You tell your insurance company that.

Sent from my ST27a using Tapatalk 4
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You're right, and it's unfortunate. I think they may be able to offer "loyalty" discounts after only a year or 2, that get removed from a lapse. In any case, if you ever do lapse due to choice, make sure to get a letter stating that it was so.
 
I would do it,but then again you never know if something might happen to your bike. I've heard of instances where people bought a car and wrecked it the same day... ****ing out 20k. No insurance coverage...
 
A buddy took the insurance off his ZX10r, was cleaning out the garage on a sunny winter day, and put his bike in the driveway. He left it there for a matter of minutes and some ****** stole it. Probably was someone local whom had been watching for a decent opportunity.

What makes matters worse, he paid off his financing with a personal line of credit, so at the end of it all, with no theft coverage, he owed over $5 grand ona bike he no longer had…
 
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