Temporary insurance

The_big_dill

The_big_dill

Member
Hey guys,

Now that i have my M2 i was getting some quotes on 250CC bikes.

TD told me that its $50 for the remainder of the season and i can cancel this policy at the beginning of the season without affecting my insurance record. I am having trouble believing this... Can anyone confirm this?

Cheers,

Phil.
 
The_big_dill said:
Hey guys,

Now that i have my M2 i was getting some quotes on 250CC bikes.

TD told me that its $50 for the remainder of the season and i can cancel this policy at the beginning of the season without affecting my insurance record. I am having trouble believing this... Can anyone confirm this?

Cheers,

Phil.
Click to expand...

If you look at the TD sticky in this section they don't use any premium from Nov till March, My guess is that the $50 is what you would use up till then maybe but you would still have to make a bunch of monthly payments throughout the winter.

My advice is call them back and ask them exactly what they mean by that
 
Read the TD sticky. Each month you use up so much % of your premium, depending on what month it is.

SInce it's late in the season you'll only be using up about 2.5% of your yearly premium (October is 5% and it's about Mid-October, november-feb are 0%) so you only have to pay 2.5% of your total premium.
When march come around (TD's policy renewal date) you would have used up 2.5% of your premium, and would have paid 2.5% of your premium so you don't owe them, nor do they owe you, any money. You can cancel without any penalties.


Canceling your policy will not affect your insurance history. It'd be the same as canceling your policy if you were to have gotten insurance with them at the start of the year.
 
Yes it's legit. $50 total to cover the policy until the renewal sometime in February or March. No other fees to pay. Sometime around January you should get your renewal documents in the mail that will tell you what your entire renewal premium will be for Feb/March 2013 to Feb/March 2014. You have the option not to renew; note that this different than actually cancelling although you still have to notify TD in either scenario.

This is how I did it when I first bought my bike. Got a policy to start in October. Premium was $50 and it renewed in February. In February, I decided not to renew and went with another insurer because they were cheaper.
 
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