Those riding motorcycles are extremely vulnerable in the event of an accident. It’s possible to end up with catastrophic injuries, even if you and the other vehicle are traveling at low speeds, as your only real form of protection is a helmet. This is why it’s crucial to have comprehensive motorcycle insurance from a reputable company.
As someone who was involved in an accident, you probably filed an insurance claim within days of the incident. Aside from your physical injuries and psychological trauma, your motorcycle may be inoperable due to the extensive damage from the accident. Or, maybe you have decided that you are no longer interested in owning a motorcycle and plan to put it up for sale as soon as it’s repaired.
For these and other reasons, you may have thought of cancelling your motorcycle insurance coverage. Doing so would certainly save you money, and that’s a very important issue when the accident has resulted in significant medical bills, missed work hours, and other financial losses. But is this really a wise course of action? After all, you have a claim that is still in the works, and you don’t want to do anything that would jeopardize your payment.
It’s essential to learn about the pros and cons of any decision that has to do with your legal rights. However, this is difficult for the average person to accomplish on their own. That’s why we invite you to contact our office and talk to a motorcycle accident injury attorney. We provide free consultations, as well as free second opinions if you need advice on a claim that was filed with another law firm. Please take a moment to contact our law firm and schedule a time to meet with our legal experts.
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Why You May Want to Cancel Your Insurance Policy
Cancelling the insurance coverage on your motorcycle or any other vehicle is a big decision that should not be made lightly. However, there are valid reasons that merit a policy cancellation, such as:
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Your insurance rates are too high
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You are offered a better deal by another insurance company.
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Due to the extent of your injuries or vehicle damage, you are unable to ride your motorcycle.
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You have decided to sell your motorcycle.
You may identify with one or more of these reasons if you were recently in a motorcycle accident. Regardless of why you want to cancel the policy, it’s important to consider the ramification of cutting ties with your insurance company. For example, would a policy cancellation have any negative effects on your pending insurance claim?
Am I Allowed to Cancel my Motorcycle Insurance?
This is a question many people ask themselves when they encounter financial difficulties after a serious accident. Technically, you have the right to cancel your policy for any reason, at any time. So, yes, you can go ahead and cancel your insurance policy after you were involved in an accident.
However, cancelling your policy is likely to have consequences that you should think about in order to make an informed decision. For example, there may be cancelation fees that you need to pay for cancelling the insurance before the end of the policy term. You may also have to pay the remaining balance on your policy, or discover that you are owed a refund. This is why it’s important to carefully review your policy’s cancellation terms and consult a vehicle insurance lawyer if you have any questions.
What Happens to My Claim is I Cancel my Insurance Policy?
Many people are understandably concerned about the impact a cancelled insurance policy will have on an existing accident claim. That’s why people continue to pay for the coverage, even if their motorcycle if completely unusable.
However, we want to make it clear that cancelling your motorcycle insurance will not have any impact on a pending claim. Even after the cancellation, the company has a legal obligation to resolve your claim as efficiently as possible. So, as long as your policy was active at the time of the accident, you will continue the claims process with the insurance provider until your case is fully settled.
Keep in mind that you have the option to ask that your claim be withdrawn. But you should only do this is you are no longer seeking compensation from an accident claim. This is an unusual and drastic move, so make sure to discuss your options with an attorney before you cancel your claim, along with the insurance coverage.
Contact Our Law Firm
The motorcycle accident lawyers of Normandie have been fighting for the rights of injury victims for several decades. We have the skills and resources, along with a proven track record of settlements, to obtain the compensation you deserve.
The process begins with a free case review, where you can learn about your rights and legal options. If you decide to retain us for an accident claim or lawsuit, you will not be asked to pay a single penny upfront. Once we successfully negotiate your settlement or secure a jury verdict in your favor, we will deduct a percentage of the funds to cover the cost of representing you. So, if we are unsuccessful in our endeavors, you owe us $0 in legal fees, even if we take your case to trial.
Please take a moment to contact us and talk to a lawyer that specializes in motorcycle accident injury claims.
