Is there a cancellation fee?There is no cancellation fee but the policy is subject to a Minimum Eearned Premium. To avoid the Minimum Earned Premium we recommend that you keep your policy until you have paid $100.00 in premium. Back to FAQ Index >> Was this reply helpful? Related questions Will the policy renew automatically? Only if you want it to. When purchasing a policy you will have an option to opt out of automatic renewal. We will also notify you via email before your policy renews so you always have an option to change your mind. How do I go about repairing a covered bike? - What if I am a competent bike mechanic and do repairs in my garage? - We would appreciate that but we cannot pay you. - Must I use a certified shop located on your website? - How do you depreciate bike value? - In your definitions section of the policy specimen "Actual Cash Value" is defined as: the cost to repair or replace the lost or damaged property less depreciation. - We do not depreciate the bike value, ever.