Any advice on how to avoid the payment of comprehensive insurance on a motorcycle, while its funding?
My friend was the financing of a motorcycle, and no more than their policies online, and found that belongs to the motorcycle. . and to them alone and social responsibility. . Is this a good way to finance the system? And companies for detecting norrmally sure, ask first?
March 4th, 2010 at 12:30 am
Yes it is until the finance company finds out or ask for proof of insurance. Then they will either put full coverage on it and charge him for it. And they wont shop for the cheapest.
Or they will cancel the loan and demand full payment on the spot. Because not carrying full coverage is a violation of the loan agreement.
Plus if he crashes with no insurance he still owes the loan…….md
March 4th, 2010 at 1:14 am
get a high deductible and ill be cheap if thats what your worried about
March 4th, 2010 at 1:21 am
I an NYS All thas nedeed is liabiliy in.. NYS Check to see if your state has different ins. rules..
March 4th, 2010 at 2:17 am
Your finance contract requires that you maintain full insurance coverage. If you do not, you are in default of the contract, the same as if you did not pay your payments.
When the finance company finds out about the lack of insurance, they can put insurance on the vehicle, that will cover them. They can add the premium to your loan balance, and the cost of their insurance is a whole lot more that it would cost you to buy the correct coverage yourself.
They also can repossess the vehicle if you do not provide proof of insurance, and require that the entire loan be paid off.
When you signed the finance contract, you agreed to the terms. Keep the coverage on the vehicle and live up to your word!
March 4th, 2010 at 3:15 am
Yes the insurance companies will check this carefully. Best to give correct confirmation
March 4th, 2010 at 4:05 am
um yeah have someone steal it and report it then they will cover your losses ha ha.
March 4th, 2010 at 4:20 am
[...] Any advice on how to avoid the payment of comprehensive insurance … [...]
March 4th, 2010 at 4:30 am
normally when people buy the bikes they put them on a honda card or suzuki card etc this way it is technically paid off therefore you dont have to have full coverage. the downside is that should you wreck it and its your fault its incredibly costly to fix plus your still paying on the wrecked bike. at the same time full coverage is expensive as well but if you total it they’ll pay it off, just make sure you get gap insurance to cover any accesories or upgrades you do to the bike
March 4th, 2010 at 5:19 am
That’s a stupid thing to do, if he gets in an accident his insurance policy will be void and they will not cover anything. If he wrecks someone elses property, car, or worse yet hurts someone he will be paying off multiple lawsuits for the rest of his life. Why pay money for an insurance policy that’s no good, which is pretty much what he’s doing.
What a lot of bike dealers do now is instead of financing the bike in the typical way you do a car they give you a credit card. In my case a suzuki credit card. They charge the bike on the card so I own the bike the day I walk out of the showroom and have a credit card bill to pay off. Unlike a typical credit card though they have lower interest rates and are set up more like a financing deal. Maybe he can get his finacnging switched to this credid card system. IF he hasn’t bought the bike the dealer won’t let him leave the lot without showing proof of full coverage.
I have $300 a year for insurance and have the max coverage on everything and a low deductable, if I opted for less but still coverage and a high deductable it would have been under $150. IT’s pretty cheap, tell ur buddy not to be an idiot.
March 4th, 2010 at 6:07 am
Yes of course there are couple of tips to find the best cheapest Car insurance.
Saving money on car insurance requires a combination of techniques that improve your insurability, decrease the rate of insurance for your vehicles, and provide you with a unique advantage when it comes to purchasing car insurance.
For more info
http://cheap-car-deals.blogspot.com/2009/02/car-insurance-tips.html