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Discussion Starter #1
Too nice, must insure tomorrow.. anyway, is it cheaper to pay up front for say 9 months insurance or to do the autoplan12 and do a year, pay monthly and cancel around november? If you insure for less than a year is there "short term charges" and are these charges more than the cancellation fee? Seems to me if they are it would be better to do autoplan12 and cancel. I would ask the ICBC people but they're a bunch of lying thieves, the more money I spend on insurance the more shows up on their paycheck. Any info appreciated thanks.
 

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I just got a quote today for insuring my bike and I re-insured my car using Autoplan12. There is a $15 set-up fee to do the monthly payments. In addition, they charge 4.25% interest monthly. Considering that my line of credit charges 8.5% interest, it's not a bad deal (if you can't afford to pay up front). There is probably a fee to cancel early though.
 

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The monetary difference between paying it all upfront, and paying monthly is so negligible, it's simply what works best for your planning and monthly needs.
 

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Master of Puppets
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The problem with canceling your insurance is that you have to give up your plate. Which means a different plate the following year along with the additional new plate fee. Not sure what the fee is.
 
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Discussion Starter #6
When you pay by the month you do pay more than if you do the whole thing at once. Also what ICBC does, if you get autoplan 12 and then cancel it in 9 months they will also hit you with an early cancellation fee. They did this to me before. Also you are not only dealing with ICBC but TD Canada trust as that is who lhe autoplan loan is through
 

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The problem with canceling your insurance is that you have to give up your plate. Which means a different plate the following year along with the additional new plate fee. Not sure what the fee is.
might be a good thing...arent we allowed one free parking ticket per plate a year?

they only hit you with the cancellation fee if you dont buy storage insurance when you cancel the autoplan 12
 
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Discussion Starter #8
I'd love a new plate, mine's the easiest it could possibly be to remember. Not that I ever cross the lines of the law and anyone needs to remember it though :devillook

For that reason alone I might go with autoplan12 haha, but isn't there a "plate fee" everytime you need a plate?
 

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I do all my own stunts
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cancelation fee is 30 bucks, if u don't buy storage insurance right off the bat, if u do, it's waved. new plate is 15 dollars, everytime you gotta do it. If you cancel autoplan 12, and don't renew your storage there's a chance they'll deny your autoplan 12 later on.
 

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Time to Ride...
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Remy said:
i got my year insurance today :D

i couldn't resist it anymore lol


ahhh... I can't resist either! but I have to... no dough to pay for any bills.

and I usually just charge my insurance onto my credit card, but I'll probably just get 6 months worth because I wanna keep my plate, n not have to cancel. I know it'll cost a bit more but i'm picky about my plates... :laughing
 

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Reid
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elevation said:
Since my Line of Credit is at Prime (currently 5.25%) I use that to pay for all my ICBC premiums. I think the autoplan 12 interest rate is around 7%-8%. I would rather pay someone else than ICBC more money even if it is a bank.
Just a heads up, you are paying a bank, not ICBC

My broker is set up with TD, and I did Autoplan 12 the difference after 12 months was $72 in interest (plus new plate)

its a good way to ride if you don't have cash in hand for a lump sum

it is also financially responsible: hedge short term assets (riding) with short term debt (1 year loan)

:thumbup

all that being said, don't get me wrong, I'm not a fan of ICBC
 
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Discussion Starter #16
i wish i had thought of it at the time, but perhaps someone here knows....

insurance companies (universally) are not entitled to actually collect monitary compensation (fees) all at once. Since most insurance is dealt with monthly (but paid upfront) they take 12 monthly installments over the year. this being the case why are they able to charge interest on money they are otherwise not entitled too? (this is done incase a client wishes to cancel, making the funds readily availible)
i could see them causing a shit storm if you missed a payment, but when its an automatic payment thats really a nonissue.
 

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Ridin' Dirty
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I was charged $92 when I cancelled my monthly payment insurance last year and I did put storage insurance on. So I either got ripped or there is no such thing as no cancellation fee if you put storage insurance on.
 

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Libby said:
I was charged $92 when I cancelled my monthly payment insurance last year and I did put storage insurance on. So I either got ripped or there is no such thing as no cancellation fee if you put storage insurance on.
you got ripped...
 
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