Which is the best way to go?
Full on insurance for whole 12 months
Insure for riding season only
Insure for riding season, then switch to storage insurance
Insure for whole year first, then cancell/swtich to storage later
Which is the best way to go?
I actually go with 7 months starting in April, but you could always do a full year and just get refunded come October or whenever after you bump it down to theft and fire?
It's cheaper to buy full at the start of the season and then cancel at the end.
In the whole wide world, there's no magic place... so you might as well rise. Put on your bravest face.
However, if you buy for a full year and cancel early you have to turn in your plates and then when you purchase the following year you have to pay again for new plates. I'm not sure which costs more but I think you're best to go talk to an autoplan agent to price out the costs of each option.
Also bear in mind that if you cancel and switch to storage insurance, not only do you have to purchase new plates again when you re-insure the bike, but if you do it on ICBC's monthly payment plan, they will rip you off for a $15 "enrollment fee" for the payment plan, regardless of how many times you've made payments to them in the past.
ICBC will mug you at any and every opportunity.
Full year of insurance with a third party (Beacon), which includes storage.
9 months with ICBC to put it on the road.
Just let the ICBC lapse and then you're on storage with Beacon. Go to ICBC in the spring and re-insure and you're back on the road.
If you can front the money up front, you will save by buying a full year's first then cancelling and getting a refund on every day you didn't ride.
ICBC charges $45 documentation for each 3 months you insure so if you insure for 6 months, you will get hit with another $90 on top of what you already have to pay.
If you go for it all upfront, you don't pay those doc. fees, but yes you have to turn in your plates when you cancel. I believe new plates are around $20. When you cancel from your year's insurance, you have to pay a cancellation fee UNLESS you put it into storage insurace right away. The cancellation fee is either $20 or $25.
Also, you dont HAVE to pay it all up front. If you qualify for autoplan 6 or 12, you can pay by monthly deductions from your bank account. They charge a bit of interest but it is still cheaper than say buying 3 months at a time. It's all about those doc. fees.
(o'.'o) Thanks to Twinbros Racing for my avatar!
Basic through ICBC for 6 or 9 months, depending on weather, and full year for extended/storage through Megson Fitzpatrick.
Insure for as long as you want to ride.Which is the best way to go?
Now that i've switched to Beacon, Autoplan12 on the ICBC portion makes it cheap enough that i'm just insuring year round and paying the Beacon portion outright at the beginning of the season. The hassle of cancelling/renewing isn't worth it, and if we get some nice weather in the off months I can go ride.
But to answer the original question: Buy your insurance up front for the year (or buy AP12) and cancel when you want to quit. If you're buying a storage policy when you cancel (I recommend it), there's no charge for cancelling early. You turn in your plate, but you get the deposit back on the plate.
My Picasa Album
anyway to keep the same old plate?...i like my number...
Hello - SevenStars RR - http://www.youtube.com/watch?v=OkDx3tvwaI8
I just spoke with an insurance agent and the best bet is to do full year and then cancel for storage later, or just run full year always. The price for me was $1642/year
1 million liability
$3000 Bike Cost
They base the price on cc's and bike cost. I'm looking at a mid '90s ZX6R, so I told them $3Gs and 599cc. If anything, I can up the price and/or cc, and it'll go up a couple hundred dollars. With a 25% discount my yearly cost was $1500 with everything being the same.
So it's roughly between $125-140/month for me to insure the bike. My '03 Yukon is $187/month, and the girl was surprised it was so cheap to insure the bike.
If you can afford it, I'd say go full year if you ride all the time, but if you don't and only have a few hundred saved for insurance, then you can get your 6 months of seasonal ride time in.
I always did buy the year and cancel for storage. But I told the guy this year my plan and he opted to put me for 6 months because it was cheaper and I can't keep the plate, soooooooooooooo! That's what I did...
You should buy the Insurance for the full year then cancel. Paying for the new plate ($18) and Admin Fee for paying monthly ($15) works out to only $33 in extra fees but you get to ride as long as you want. When you purchase any insurance for less than one year you will be dinged Surcharges.
This option is best when you buy storage in the off season because you won't get charged $30 to cancel the insurance.
If you can purchase Private Insurance (Beacon or Megson Fitzpatrick) DO IT!