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Old 11-25-2014, 07:14 AM   #1
Hof OP
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Joined: Dec 2010
Location: Toronto
Oddometer: 26
Riders Plus BAD POLICY

IMPORTANT NOTICE REGARDING MOTORCYCLE INSURANCE


I am putting this information out there simply to make you aware of a policy held by one of the insurance companies that covers motorcyclists. Rider Plus, who is a broker for Echelon, has a “cancellation table” that reflects “the seasonal nature of motorcycle riding in Ontario”. This applies when you want to cancel your insurance for any reason. They require us to pay for 6 months up front for one year of coverage. I guess this covers them in the case of a rider cancelling their policy and claiming a refund during the months where the weather is less desirable to ride in… or something like that and I don’t know where to find this “cancellation table” that they speak of anyway.



This is how their nonsensical policy affected me:


My policy renews in January of 2015. At the end of October I called Riders Plus to cancel the coverage of my two motorcycles as I had sold the one, was soon to sell the other, and no longer needed the coverage for them. That leaves two months of insurance that I had already paid for, unused, and therefore I would like to transfer that coverage to the new motorcycle I will be receiving in March of 2015. This seems to me to be a fair request, but no way! According to Riders Plus because of this “season” that they have arbitrarily come up with, I will only have a credit of $7 due to it being “short-rated”. I was not asking for a cash rebate but simply to apply the two months of insurance that I had already paid for, to the next motorcycle. I explained I was planning on still being a customer but this meant nothing to them and therefore I will no longer be a customer of Riders Plus.


I’m not saying Riders Plus is a bad insurance company as I have not ever made a claim with them and my only interaction was to send them tons of money for which I would have thought there would at least be some customer service. I would have thought that an insurance company that advertises itself as a ‘motorcycle friendly’ company would be more flexible with situations like mine, but they are not.



So a word to the wise; If you are CERTAIN that you will be riding the same motorcycle ALL year AND into the next go ahead and pay Riders Plus up front in the first 6 months for one year’s insurance; BUT if you think you might be changing your motorcycles sometime through “the season” with any gap at all, I would suggest you find a company that offers a month to month payment plan. And seeing as none of us own a crystal ball, the later of the choices would be the wisest.


I hope this information can save some of my fellow riders from losing money to these corporate S.O.Bs the way I did.



Cheers,
Cameron
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Old 11-25-2014, 07:32 AM   #2
ITHAPPENS
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Hey Hof.

I feel your pain. Insurance companies always leave a bad taste in your mouth due to policies that only benifit them. Most if not all insurance companies implemented this policy many years ago. Their logic is that in our climate we use the majority of our coverage during the riding months and therefore make us pay all our premiums during riding season with little or none refundable for off season cancellations. Kinda makes sense as most bikes are sleeping from now tuntil April. They also wanted to elliminate the riders making phone calls to get short term coverage when we are lucky enough to have 2-3 days of warm weather mid winter, mission accomplished! My guess is that you won't find any insurance coverage different from your current one. Good Luck.
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Old 11-25-2014, 07:40 AM   #3
Hof OP
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There is no "riding" season. I know many riders who ride all year, myself included.

I will simply go back to monthly payments with another broker. For me, Riders Plus was a bad choice and will be for some others as well.

My old broker would not have caused this problem as I would have simply cancelled and restarted. This is acceptable to them if you are selling the motorcycle.
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Old 11-25-2014, 08:25 AM   #4
TorontoBrit
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Location: Toronto,ON
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TD Insurance

I switched from Riders Plus to TD Insurance (Meloche Monnex) and saved a huge amount of money. I don't know what their policy is on seasonal cancellations but I do know you can switch from one bike to another quite easily, or cancel if you sell the bike. I think I pay about $800 a year, and since I ride as long as I can, and start as early in the year as I can it seems pretty reasonable.... and yes I am still commuting on it even now....
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Old 11-25-2014, 08:54 AM   #5
payner
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I too use TD/Meloche Monnex (sp?)
I think they have the same policy (I thougth they all did) of prorating your policy through the summer and "screw you" during the winter but good on you for cancelling coverage over that issue.

With TD, other than the proration, they're pretty easy to move insurance from bike to bike, move bikes on and off and it all just works quite easily... never made a claim though.
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Old Yesterday, 07:46 AM   #6
zomby woof
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Joined: Aug 2007
Location: SW Ontario
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Quote:
Originally Posted by Hof View Post
There is no "riding" season. I know many riders who ride all year, myself included.

I will simply go back to monthly payments with another broker. For me, Riders Plus was a bad choice and will be for some others as well.

My old broker would not have caused this problem as I would have simply cancelled and restarted. This is acceptable to them if you are selling the motorcycle.
There certainly is a riding season in Ontario.

SF does the same thing with bike coverage, and every time I try to find a better rate, I find the same thing. The companies that allow you to suspend your coverage over the winter just charge higher rates during the riding season to compensate. Anyway, let us know how it works out for you.
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Old Today, 07:56 PM   #7
DiRtsoUP
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Rider Plus is a ripe off…my wife had an accident in Milk River Alberta on her BMW650GS..when we called our agent from the hospital they rudely informed us of not being fully insured when we have always been fully insured with them for over 10 years. Riders Plus my A**.

+3 for TD Insurance…had a claim last year after hitting a dear with my 990R. Smooth effortless and friendly service. Best rates out there.
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