hiro Posted May 6, 2017 Report Share Posted May 6, 2017 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 Quote Link to comment Share on other sites More sharing options...
Bubba Posted May 6, 2017 Report Share Posted May 6, 2017 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. Quote Link to comment Share on other sites More sharing options...
hiro Posted May 6, 2017 Author Report Share Posted May 6, 2017 Makes sense. Quote Link to comment Share on other sites More sharing options...
hiro Posted May 8, 2017 Author Report Share Posted May 8, 2017 (edited) 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 May 8, 2017 by hiro Quote Link to comment Share on other sites More sharing options...
hiro Posted May 8, 2017 Author Report Share Posted May 8, 2017 Oh, didn't notice this before. They probably kept an additional 10% per bike due to the multi-bike discount. But I get 15% off for "Sport Bike Safe Operator Discount." heh Quote Link to comment Share on other sites More sharing options...
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