First off, I feel I have been taken advantage of. I know I signed a binding agreement, and it serves me right for not reading it. But I want to explain the circumstances to everyone who may buy a motorcycle policy from Beacon Underwriting Ltd. through Saxbee insurance in Abbotsford. This way you can make an informed decision before buying the insurance without reading the contract.
June 1st 2009: I bought a policy for my 2004 R6, costing a very cool $425 for the year.
(nobody went over the policy explaining the limitations due to circumstances when I bought it.)
Mid June 2009: I buy some new tires for my bike, and find that the bike has lots of other cool toys I didn't realize it had. Pazzo Levers, aftermarket hugger, K&N air filter, $3000 paint job.
Sept 19th 2009: My motorcycle is stolen from my home at 4am.
(I was told not to cancel my policy until after the claim had been payed out or resolved.)
Oct 20th ish: I find out that my policy only covers the the declared value not a penny more.
(Before this I was told to check craigslist for similar bikes and prices)
Oct 23rd 2009: I received a check from Aviva insurance in the amount of $6000.
(The policy I purchased was not a replacement cost policy, value over the declared value is not payed.)
After receiving my check, I bought my new car. But today I decided to call Saxbee insurance and cancel my policy, since I don't have the bike anymore. They told me that the policy is fully earned unless the bike is sold. Meaning I don't get a refund for the 9 months of insurance I payed for and didn't use. At the very least, I think they should have included the refund for the unused portion of insurance in the payout. Because they did not, I think technically I only received about $5600 in my payout.
-I didn't get payed for the equipment I had on the bike, or even stuff I had receipts for.
-I was not informed that I had to update my declared value every time I put anything on the bike.
-I wasn't refunded the unused portion of my insurance, nor was I informed that I would not get it back.
Take the information I have posted here as you will, I am writing this so you have the choice that I feel I didn't. If you choose to go with Beacon Insurance, be sure to know what the policy includes. I have learned my lesson the hard way and am trying to prevent others from having to go through the same thing I have.