If you are thinking about selling a bike, switch the insurance to monthly payments when the renual comes up. This is typically, basically a loan, they lend you the money to buy their insurance and you pay it back over the year. However, a loan is covered by consumer credit laws. Cancel the insurance, stop the direct debit and tell them to go whistle for it. They will threaten to sue and send the bailiffs round etc. but the bottom line is that if they do they'll make the loss not you. They'll strike a deal.
Insurance in the UK is a racket not a service. Pay them or the police beat you up. Treat them accordingly. I'm afraid I'm even rude to their call centre staff now, make their lives painful and they make the deal faster in order to move on to creaming a softer target.
Andy
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