Whether it’s because you want to use another form of transport, or you’re selling your bike. At some point or another you may decide you want to cancel your motorbike insurance policy.
Here, we’ve outlined cancelling your policy, what you need to know and how to go about it:
Does your policy need cancelling or just updating?
Let’s say you’re selling your bike and buying a new one, in this case you might not need to cancel your policy and all you need to do is update your existing policy.
Updating your policy with a new bike depends entirely which scheme your bike is insured on. Most companies will allow you to update your policy to cover your new model, providing that the new vehicle is an acceptable risk to your insurance company. You will be charged a fee plus any additional premium your insurer may charge.
At Carole Nash, most of our policies allow flexibility and will allow you to add more than one bike on a policy (subject to one rider) or update your existing policy. If you’d like to find out more, get in touch.
Cancelling at the start of the policy
By law in the UK when you purchase most kinds of bike insurance cover you’re entitled to what’s known as a “cooling off” period. This means you have the right to cancel your policy for a period of 14 days, either from the day of purchase of the contract or from the day you receive your policy documentation, whichever is the later.
If you exercise this right, you will be entitled to a refund of the premium. You will however need to pay an administration fee and your insurer will charge you for the length of time you were on the cover.
Cancelling after the cooling off period
If you’d like to cancel after the 14 day “cooling off” period when your policy has begun, the cost of doing so is likely to be more. You’ll be charged a cancellation fee plus the insurer charge for your time on cover. The cancellation fee is likely to differ for different companies, but check your policy booklet as it will be outlined there.
It’s also worth noting that you should be refunded a certain amount based on the cost of your policy and any unused premiums you may have remaining.
Additionally, if you cancel your policy before the end of the year, unfortunately it’ll mean you won’t receive your no claims bonus for the year. And any additional cover options you have included (for example, breakdown cover or personal accident) will also come to an end.
How to go about cancelling my insurance policy
If you’ve decided you want to cancel your motorbike insurance policy you’ll have to get in touch with your broker or insurance provider, usually by phone. They’ll ask the date you want to cancel and most probably the reason why. The agent will then inform you of any refund, or any additional payment due as a result of the cancellation.
If you’re looking to cancel a policy with Carole Nash, please call us 0800 804 7958. Or if you’d like to hear more about our extensive range of policies and the benefits of them get in touch.