Winter Insurance

B

bblegend

New member
I'm looking into buying my first bike and my plan is to ride it during the summer to work and such and when school starts I will just commute by public transportation and store my bike. Now I'm wondering if I will have to pay insurance all year round because it wouldn't really make sense for me to do so if I'll only be driving it for about 5-6 months or so. I would appreciate if someone could clear this up for me. Thanks.
 
gangsterlike said:
U can't drive a bike anytime during the year actually.
Click to expand...

Read the SF and TD cancellation stickies at the top of this insurance section.
You CAN cancel your insurance for the winter but you will owe a nice chunk of money to cancel.
Certain months account for certain percentages of your yearly premium so if you ride for 6 months of the summer and cancel, You may owe 80% or so of your premium, So when you cancel you will owe them around 30% of your yearly premium.

Read the stickies or call your insurance to find out exactly how much you will owe.
 
You have to get insurance for the full year. My insurance company also requires that my full insurance is paid in the first 6 months of coverage. And I renew every year in the spring.
It just how it goes.
 
Gumby256 said:
You have to get insurance for the full year.
Click to expand...
No you don't, You are able to cancel during the year.
You may have to pay penalties or owe money for whatever % of premium you have used but you can cancel it, Most people don't as they don't like people cancelling and renewing all the time and it is only a couple dollars to leave insurance on in the winter.
 
School starts in September, you can still ride almost all November sometimes into December as well, at least I have the past 4 years...
 
As some people have said... if you ride during the summer and cancel during the winter. You will owe a majority of the premiums unpaid for. Please read this sticky: http://www.gtamotorcycle.com/vbforu...immum-policy-Want-to-know-your-Penalty-Refund


Following the chart:

  • JAN: 0.0%;
  • FEB: 0.0%
  • MAR: 5.0%
  • APR: 10.0%
  • MAY: 10.0%
  • JUN: 20.0%
  • JUL: 20.0%
  • AUG: 20.0%
  • SEP: 10.0%
  • OCT: 5.0%
  • NOV: 0.0%
  • DEC: 0.0%


Assuming your premium is $1000/year.

If you ride from April to October, start to end. Paying ~$83 (Equally dived from 1000 into 12 months). April to October = 7 months, so you will have paid ~$581 in premiums ONLY. But you have already used up 95% of your premiums... so you owe them a total of $950 - ~$581 = ~$369.

You're better off just insuring for the entire year as the rest of the months (winter/early spring) will only cost you $50 to insure.

Motorcycle insurance is different from car insurance.
 
You must log in or register to reply here.
Back
Top Bottom