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Old 04-03-2011, 10:07 PM   #1
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Letting insurance expire - any downsides?

The insurance for my bike must be renewed tomorrow, yet I might not have time to renew it. Obviously I cannot drive it till I renew it, and if it gets stolen I'm SOL - yet is there any insurance downside if I let it expire?

The reason I ask is cause the rules were different in Ontario. Letting your insurance expire could mean when you renew you have to renew with no previous driving record - sucks eh? From what I can find, this doesn't seem to apply in BC.

Its a hard topic to find good info on - or I'm not using the best google search terms.
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Old 04-03-2011, 10:11 PM   #2
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I dont remember any downsides to letting your insurance expire, the only thing that i can think of is that if u do let it expire and then goto renew ur insurance, u may have to get a new Licence plate so u have to pay that, but im not quite sure about that though
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Old 04-03-2011, 10:27 PM   #3
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^that
in my experience, i didnt have to get a new license plate when my insurance expired for like 2 weeks when I renewed it. (wasn't on purpose, the insurance people just screwed up storage)
Was allowed to keep my plate too for when I went to Storage Insurance for a month.
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Old 04-03-2011, 10:33 PM   #4
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Yeah, no downside, except it isn't covered for theft/fire/damage/etc. during that time. Shouldn't need to get new plates or anything, and it will have no effect on your Claim Rated Scale.
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Old 04-03-2011, 10:41 PM   #5
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You get to use your own plate again, after it expires, and save yourself $18. Also, you can keep the same discount or even the next discount level.
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Old 04-03-2011, 10:41 PM   #6
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No downside. If you have it parked in your garage and something happens to it, I guess there's always house insurance.
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Old 04-03-2011, 11:56 PM   #7
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You won't be cover for third party liabilty. So if the bike get stolen and hit something/someone, you are on the hook for everything.
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Old 04-04-2011, 12:25 AM   #8
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How long are you available to use the same licence plate again after it expires?
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Old 04-04-2011, 12:31 AM   #9
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No downside. If you have it parked in your garage and something happens to it, I guess there's always house insurance.
not all house insurance covers vehicles. At least mine doesnt (TD Merino), it only covers like 30k worth of goods and like 1 bike, 1 RV, 1 Jetski, and those kinda things but not an actual vehicle. (not that I actually have any of those except the bike)
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Old 04-04-2011, 01:04 AM   #10
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How long are you available to use the same licence plate again after it expires?
Pretty long I guess. I've seen people use the same plate after expiring for 5 years.
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Old 04-04-2011, 08:24 AM   #11
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As I clearly stated, I understand the issue with my bike being stolen while not insured. Thanks for all the other info, if I don't have time today I'll renew it tomorrow.
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Old 04-04-2011, 09:04 AM   #12
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My car insurance lapsed for a week and I didn't have any extra penalties to pay.

The only PITA is if you pay monthly they'll change the date of your first payment (after that you can reset it to what ever date you like) .
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Old 04-04-2011, 09:04 AM   #13
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some insurance places are pretty good and can actually come to you to do the insurance
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Old 04-04-2011, 09:19 AM   #14
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If you have it parked in your garage and something happens to it, I guess there's always house insurance.
Better is to buy storage Insurance from ICBC, then you're much more protected.
It costs me something like $30 a year for my Mustang.
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Old 04-04-2011, 10:49 AM   #15
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You don't have to renew if you don't want to. I insured my car ONCE 4 years ago and I still have the same plates and I can insure it again when ever I want. What you may want to look into is storage insurance. Your bike is not covered by anything right now unless your home owner's pol. covers it for some reason.
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Old 04-04-2011, 10:54 AM   #16
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i would suggest buy storage its like $50/year... totally worth it imho.... vancouver isnt what is like used to..
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Old 04-04-2011, 10:55 AM   #17
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this reminds me to go get storage policy on my car thats parked out side...


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i would suggest buy storage its like $50/year... totally worth it imho.... vancouver isnt what is like used to..

lol, 3 months storage policy on my lexus was 60$, while my monte carlo for the year was only 40$ lol
such a price increase but im not complaining as the lexus is worth 10x as much as the monte
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Old 04-04-2011, 11:58 AM   #18
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Update:

My insurance broker called to renew the private portion of my insurance, ie collisions/comprehensive/liability. I could renew that over the phone, yet cannot renew ICBC basic over the phone. For now my bike is covered for theft, yet cannot be ridden until I renew the ICBC basic portion and get the new sticker.

Sweet, its raining anyways, I'll do it later this week.
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Old 04-07-2011, 08:48 PM   #19
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How long are you available to use the same licence plate again after it expires?
No limit.
You only have to turn your plate in if you cancel your insurance
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Old 04-08-2011, 11:04 AM   #20
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Better is to buy storage Insurance from ICBC, then you're much more protected.
It costs me something like $30 a year for my Mustang.
$30 a year is ridiculous...
I thought storage insurance was basically 10% of your normal coverage, which means your mustang must be insured under Collectible status.
I don't think a normal car would get away with something close to $30 per year...
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