What are the ramifications of keeping insurance on a bike I sold? Reason is that if I remove said bike from policy, the rate increases for some reason. Is there any liability on my end for keeping insurance on a bike I no longer own?
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Insuring a sold bike?
- Thread starter crank1000
- Start date
Papi-C
DOGS = WIN
I guess you're losing your multi vehicle discount?
motoproponent
Demon of the Glass Vagina
Just insurance fraud.
I was in the same boat. I added the CB1 as my primary commuter and my premiums dropped by 1300 bones a year. Progressives reasoning was that my most expensive bikes are no longer as much of a risk since they weren't being ridden as much. I was looking to put the CB1 up on the block a year later and dropping it from the policy raised the premiums $900 at the renewal.
If you wad the Hyper and they ask why you weren't riding the sold bike (not likely but it could come up during the claim process) and you say it was because you sold it, they could easily deny the claim based on fraud.
It ended up being cheaper to keep her, and now the wife rides the wheels off it
I was in the same boat. I added the CB1 as my primary commuter and my premiums dropped by 1300 bones a year. Progressives reasoning was that my most expensive bikes are no longer as much of a risk since they weren't being ridden as much. I was looking to put the CB1 up on the block a year later and dropping it from the policy raised the premiums $900 at the renewal.
If you wad the Hyper and they ask why you weren't riding the sold bike (not likely but it could come up during the claim process) and you say it was because you sold it, they could easily deny the claim based on fraud.
It ended up being cheaper to keep her, and now the wife rides the wheels off it
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moto-rama
Well-known member
Sounds goofy. So you may be liable for goofiness~!
Papi-C
DOGS = WIN
Wow sounds like it was cheaper to keep her.
motoproponent
Demon of the Glass Vagina
see edit 
jrbruin
Active member
The rate increases by more than the amount your paying to insure the bike you're selling? That's crazy..
Papi-C
DOGS = WIN
OP who is your insurance?
most insurance companies dont allow multi vehicle discounts for motorcycles. state farm specifically does not.
sounds like the insurance agent is being a complete A hole if they raise rates getting rid of a bike
sounds like the insurance agent is being a complete A hole if they raise rates getting rid of a bike
motoproponent
Demon of the Glass Vagina
Progressive was my insurance. The ones that would have raised my rates If I sold one of the bikes on my policy. I was paying 300 bucks a year in premiums on the CB1 but my premiums would have gone up 3 times that if I removed it. I was getting a multi vehicle discount on the bikes.
I decided to drop them this year because they are raising my rates despite my points going down because a ticket and an accident hit the three year mark and "dropped off". I called and asked why the hike even though I've been a good boy and they said "it costs more to do business in california. We paid a lot more claims and did a statewide rate adjustment."
I ended up with a decent quote from Farmers so booked them to cover the bikes. Then moved my home, car, and life to them and now it's discounts all around.
I decided to drop them this year because they are raising my rates despite my points going down because a ticket and an accident hit the three year mark and "dropped off". I called and asked why the hike even though I've been a good boy and they said "it costs more to do business in california. We paid a lot more claims and did a statewide rate adjustment."
I ended up with a decent quote from Farmers so booked them to cover the bikes. Then moved my home, car, and life to them and now it's discounts all around.
TheRiddler
Helmet Tap
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Find a busted bike, buy it for cheap, put it on the insurance, let it rot (or fix it for fun).
Got that covered with the xl250. Still not much help.
aciurczak
slower would be backwards
Was in a similar boat a few years back. 4 bikes on policy, sold a bike, took it off the policy, and my overall rate went up $100/year for the remaining 3 bikes. Made no sense. As a practical matter, I don't think anything bad is likely to happen if you kept it on your policy and then never made a claim on it. You'll never claim the policy, so your ins. company has little incentive to cry fraud (you're paying them for something you're not using, rather than not paying them for something you're using). I guess it could get hinky if by chance the new owner tries to get it insured through the same company and the VIN comes up on another policy. And I guess you'd have to think through what happens if the next owner does get into an accident, and his new insurance company somehow finds out that there is another policy out there on the same VIN, and tries to collect from your policy as primary. Hmmm...
Anyway, the $100 savings wasn't worth it to me to pursue. But the earlier poster who said that if the insurance company is pricing things in this weird way, maybe it does pay to buy a beater on CL for $50, hide it somewhere inconspicuous that you have control over, and add it to your policy.
Anyway, the $100 savings wasn't worth it to me to pursue. But the earlier poster who said that if the insurance company is pricing things in this weird way, maybe it does pay to buy a beater on CL for $50, hide it somewhere inconspicuous that you have control over, and add it to your policy.
sick50ford
Shifty Shifterson
progressive wanted $2300 a year for my 08 hyper, GMAC is doing it for $600. maybe its worth a call
no tickets no accidents W/full coverage and a 500 deductible
no tickets no accidents W/full coverage and a 500 deductible
Javelin
SDM-4-Eva
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AAA does and I love them really a good insurance group I had the comany with the little green lizard ( yea you know the one but if I say the name it will just piss me off so I wont
) Changed over to AAA and my insurance dropped almost 200.00 was well worth it in my opinion
Burning1
I'm scareoused!
If you wad the Hyper and they ask why you weren't riding the sold bike (not likely but it could come up during the claim process) and you say it was because you sold it, they could easily deny the claim based on fraud.
It ended up being cheaper to keep her, and now the wife rides the wheels off it
In this case it would be fraud if you failed to list the actual mileage ridden on each bike, or if if you list the sold bike as your primary vehicle. I wonder if there are specific laws about insuring property you don't own.
Wow, 2300 is way more than I'm paying right now, and I've got the same situation as you (except $1000 deductible). I'm at 1300/yr for my Hyper, the SXV, and the XL250 together. If I take the SXV off the policy, I go up to 1600.
AAA does and I love them really a good insurance group I had the comany with the little green lizard ( yea you know the one but if I say the name it will just piss me off so I wont
AAA wants 1500 from me, but I'm confident in their coverage, so I may go that route.
Well, one thing I have experience with is this. I lied through my teeth on the mileage I would rack up on my truck when I first bought it. After 2 years, they sent me a letter asking what mileage was indicated on my odo. I was worried that if I lied about the current odo, and then got into an accident, they would deny the claim. I was also concerned that if I told them the truth, they would drop me. So I called them anonymously, and asked what would happen if the mileage I estimated was far less than the actual mileage. They said they would just increase the rate to reflect the actual mileage. No penalty, or fraud claim. I never actually followed through though because I found a way better deal at AAA before my contract was up.