Insurance aka Satan's O-ring

[JC Viper]

It's not fraud. If it were, it would keep the courts quite busy because the parents of *EVERY* kid you see in their own car at age 16 would be guilty. I don't know many 16 year olds that carry their own policy, do you?

You're looking at one. Well, I was 18 so that should be close enough. This let's me establish my own history and no one else has any effect on it, just me. Too bad insuring a cage will still be $4000 a year....

[basshole]

wait till ya go to file a claim and find out they won't cover it.

The only way to get an insurance break is if the other person is listed as primary driver. Unless they are the primary operator, it's fraud.

never heard of that policy.

then just make it seem like his dad is the primary driver. but then, if they require a bike license and his dad doesn't have one, then it won't work.

[VermilionX]

wait till ya go to file a claim and find out they won't cover it.

eh?

my car is insured under my name.

but since it includes my whole family on the list of drivers, they're still covered when they use my car. it doesn't matter if my dad or younger brother uses my car more than me.

if he insures his bike through his dad and list both of them as drivers... then he can ride it all he wants and he's still covered.

[black mariah]

Well, I was 18 so that should be close enough.

18 != 16
An 18 year old with their own policy is not unusual.

[Skier]

The only way to get an insurance break is if the other person is listed as primary driver. Unless they are the primary operator, it's fraud.

never heard of that policy.

I've never heard of anyone not hearing about it. It's standard for all insurance I've dealt with.

just make it seem like ..

Verm, "pretending" something to the insurance company in order to get a lower insurance rate is insurance fraud.

how is it gonna be different?

both his dad and him are legally able to use the bike. who cares who uses it more.

Insurance does. They are at more of a risk if the vehicle is a daily driver for a 16 year old than if it's a 45 year old primary driver and a 16 year old tertiary driver.

It's not fraud. If it were, it would keep the courts quite busy because the parents of *EVERY* kid you see in their own car at age 16 would be guilty. I don't know many 16 year olds that carry their own policy, do you?

It's bad press for insurance companies if they did that and it's tough to prove. And believe it or not, some kids had their name as primary drivers on their vehicles at the age of 15 or 16, including myself. Perhaps I'm just bitter I didn't take the illegal option and instead paid for my Civic about twice over.

DirtyD86: Check State Farm or Country Insurance. There are plenty of people in the three states around me that have your bike (or a higher-risk one) that pay less than $500 a year for full coverage. They are the same age bracket and probably a worse driving record.

[Lion_Lady]

I received a letter from my credit union, that I have financed a bike through, and been told that I need to get insurance for my bike, or else 1100 will be added to my loan(for one year period, and another 1100 afterwards).
I've checked with progressive, and gieco, and turns out my monthly payment for insurance have to be not less than $400!

I pay 180 a month for a bike, had it for about 4 months, no accidents, no tickets, perfect auto/motorcycle driving records. The only thing is my age (i'm 20).

How did you guys get insurance?????? Are there any loop holes? I really don't want to sell my bike, because I just can't afford paying 600 bucks a month for a bike

I'm trying to figure out how the credit union allowed the loan without proof of insurance in the first place????

So, am I hearing that you've been riding UNINSURED for 4 months???? YIKES!!

P

[Lion_Lady]

I gotta say I'm a little confused. I'm 19m and I'm only paying $115 on mine... and I live in Mass where we have a stupid no-fault system... and i forgot to have them take off the 10% MSF discount...

my bike aint that crummy...

Your sig line says it all: 1993 Yamaha FZR600

You're riding a 13 year old motorcycle.

P

[CNF2002]

LionLady, I'm wondering the same thing! Sounds like it was a mistake on the dealer's part...maybe they fudged the document to show insurance just to get him out the door with it quickly.

None of this is what you hoped to hear, but I will repeat what others have said and say shop around. The big name car insurance companies (State Farm, Progressive, Geico) are in the car insurance business, not the motorcycle insurance business...they will insure you, but it seems like they have inflated rates, which tells me they would rather you take your business elsewhere.

Dairyland is a good company to look at if they serve your state.

On the rates, consider this a lesson in life. As our system is set up, males are sexually discriminated against as a group by insurance companies to increase profits (just imagine if insurance companies decided Hispanics should pay higher premiums because of statistics). You are young (first bike, yes?), did you take the MSF? That qualifies you for a discount with most companies. You purchased an expensive bike (hence why you financed it for 180/mo), most likely brand new? A sportbike probably? 100+hp? 150mph? Depreciation left you with more financed than the bike is worth...all of these send red flags to insurance companies and they make you pay out the nose.

The real question is...did you do any of this research before you bought the bike? It is difficult to believe that you were not aware that you needed to insure the bike, did you call insurance companies and get prequalified quotes before buying? On a range of bikes that you planned to get?

I'd be willing to bet all the answers to those questions are; no. So, either you fork over the money for the full coverage insurance (be sure to check things like deductables), OR you sell the bike, take the financial loss, and if you want to continue riding buy a bike with cash that you can afford at an insurance rate that you an afford.

You made a financial mistake...it happens, best thing to do now is make good decisions to get yourself back on track. At 20 it seems you are paying 580/mo for your motorcycle not including maintenance (whats your interest rate, I'd guess at least 9 - you're paying so much in interest over the OTD price of that bike)...thats the big picture. Hope it turns out well.

PS: Why did you ride around for 4 months without insurance? What on earth were you thinking?

[roscowgo]

Good lord. im 25 own 2 cars and the bike and all together with full coverage mine isnt 400 a month.

What kind of 2 wheeled monster did you get? a busa with a 1500 hp turbine and a quad.50 mounted on the tail?



If nothing else do what the above stated. sell the bike to your parents for 1$ then get it liscensed/insured through them.

[black mariah]

I'm trying to figure out how the credit union allowed the loan without proof of insurance in the first place????

So, am I hearing that you've been riding UNINSURED for 4 months???? YIKES!!

P

If I had to guess, I'd say that he had insurance... but not full coverage. Although that doesn't make much more sense.