What is a Minimum Earned Premium?

Last updated October 2, 2026

Each policy has a minimum earned premium of $100, which is simply the minimum cost of any policy. Once you have paid $100 in premium, the minimum is satisfied and the policy can be cancelled on a prorated basis, with any unused premium returned to you.

Cancel before the $100 is earned and the balance up to $100 remains due. For example, on a $300 annual premium paid at $25 a month, you reach $100 after four months and have met the minimum, so a cancellation after that is simply prorated. Cancel at two months, having paid $50, and $50 remains due to reach the $100 minimum.

Is there a cancellation fee on top of the minimum earned premium?

There is no separate cancellation fee. The minimum earned premium is the only thing that applies, and you can cancel yourself anytime in the Client Portal. The details are in is there a cancellation fee.

How do I cancel and get my refund?

Log in to the Client Portal, open your policy, and click the Cancel policy link, with no paperwork or phone call. You receive a refund of any unused premium beyond the $100 minimum. See the full cancellation steps for more.

Should I cancel or replace the bike on my policy?

If you are selling one bike and buying another, replacing the bike on your existing policy is usually the better move. Your locked-in rate carries forward instead of starting fresh at current rates, and a newly purchased bike is automatically covered for up to 30 days from purchase.