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% of pro-rated $


hiro

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Just read a FAQ that I would be refunded only a percentage of my pro-rated insurance premium for early cancellation. Is that common? It was only $143 for the year and I only had the coverage for maybe 2 months. Maybe I'll get the $3 back? heh

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At least with State Farm, they pro-rate the insurance over about an 8-9 month riding season.  Part of the reason MC insurance is relatively cheap in this region compared to auto, which is figured on a full 12 months of coverage.  So, even though you've only had a couple months of coverage, they figure you've used 30-40% of your premium because your riding season is 25-30% gone.  Still money back in your pocket.

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Renewed around March 23, cancelled May 8. The refund is just over 57% of the premium. (Minus 40% was a good estimate!) The premium was about half of what it costs for the newer bike anyway. I never told them I dropped the bike once for fear of a rate increase.

Edited by hiro
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