Insurance Question - Chicagoland Sportbikes
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post #1 of 25 (permalink) Old 11-08-2010, 01:33 PM Thread Starter
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Insurance Question

So I sold my bike yesterday but the guy is going to be paying it off in installments for next couple of months. I am still holding the title and bike until its paid in full. So my question is, should I remove my insurance from the bike and have him add it to his? The bike will be store in my garage for the winter.
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post #2 of 25 (permalink) Old 11-08-2010, 01:44 PM
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Or take it off the road and get storage ins. it's super cheap.

P.S - I hope you get some kind of signed agreement with a clause for late or missed payments to null the contract.

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post #3 of 25 (permalink) Old 11-08-2010, 02:56 PM
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You have to maintain insurance in the state of illinois for any vehicle that you own.

oops, wrong statement. You must maintain insurance on a vehicle with a lein. If the title is in your name and the bike is in your possession, there is no way in hell I'd take the insurance off. The guy really couldn't pay for a 250 in cash?

Last edited by Pocket Rockets; 11-08-2010 at 03:07 PM.
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post #4 of 25 (permalink) Old 11-08-2010, 03:43 PM
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What is so hard about this? Why are people so gullible? - cash or no change of possession to new party. You're not a bank. Dont do it. Period.

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post #5 of 25 (permalink) Old 11-08-2010, 03:48 PM
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Quote:
Originally Posted by Kegger View Post
What is so hard about this? Why are people so gullible? - cash or no change of possession to new party. You're not a bank. Dont do it. Period.
Gullible? Bike and title are still with seller until bike is paid in full. Don't see how this is a risk to the seller.

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post #6 of 25 (permalink) Old 11-08-2010, 03:52 PM
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Why doesnt he just take one payment when the buyer is ready? Hand over the title and bike and be done with it. Lets say the guy makes payments, the bike gets stolen and insurance doesnt give him what the bike is worth, but the payments he has to give the buyer back are more than what insurance pays. Hes out cash and a bike. All I am saying is why dick with taking payments from somebody, you are assuming unnecessary liability.

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post #7 of 25 (permalink) Old 11-08-2010, 03:56 PM
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Quote:
Originally Posted by Kegger View Post
Why doesnt he just take one payment when the buyer is ready? Hand over the title and bike and be done with it. Lets say the guy makes payments, the bike gets stolen and insurance doesnt give him what the bike is worth, but the payments he has to give the buyer back are more than what insurance pays. Hes out cash and a bike. All I am saying is why dick with taking payments from somebody, you are assuming unnecessary liability.
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post #8 of 25 (permalink) Old 11-08-2010, 03:56 PM
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I see your point. For me the sale price would have to be good enough to warrant the cost of carrying insurance on it until it's paid in full.

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post #9 of 25 (permalink) Old 11-08-2010, 04:06 PM
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Dont do it. Period.
Dude, he consulted your avatar though!

Sorry, just watched that movie again, hilarious..

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post #10 of 25 (permalink) Old 11-08-2010, 04:11 PM Thread Starter
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Quote:
Originally Posted by shaugdog View Post
Or take it off the road and get storage ins. it's super cheap.

P.S - I hope you get some kind of signed agreement with a clause for late or missed payments to null the contract.
I had him and his dad sign off on the agreement that payments have to be made by the 1st of each month or he forfeits all payments he has made so far.
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post #11 of 25 (permalink) Old 11-08-2010, 04:14 PM Thread Starter
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He is a 16 yr old kid who just got his M and has two jobs to buy a bike. I would have taken just a single payment but figured a sale is a sale. I am keeping the bike along with Title thats why I figured I ask what is the best for insurance? If the bike does get stolen, he would be out of luck since its still under my name. The reason I agreed to it so I know its a sold bike and I can start looking for a new one.
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post #12 of 25 (permalink) Old 11-08-2010, 04:16 PM
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I wish you the best of luck. Hopefully it will all go as planned.

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post #13 of 25 (permalink) Old 11-08-2010, 04:19 PM
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Quote:
Originally Posted by googs View Post
He is a 16 yr old kid who just got his M and has two jobs to buy a bike. I would have taken just a single payment but figured a sale is a sale. I am keeping the bike along with Title thats why I figured I ask what is the best for insurance? If the bike does get stolen, he would be out of luck since its still under my name. The reason I agreed to it so I know its a sold bike and I can start looking for a new one.
I would keep insurance on it.

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post #14 of 25 (permalink) Old 11-08-2010, 04:28 PM
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What happens if the garage burns down or it gets stolen ?


YOu get screwed unless you are insured.


He cannot insure it before he owns it ( title transfer ).



Keep it insured.


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post #15 of 25 (permalink) Old 11-08-2010, 09:01 PM

 
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Quote:
Originally Posted by googs View Post
So I sold my bike yesterday but the guy is going to be paying it off in installments for next couple of months. I am still holding the title and bike until its paid in full. So my question is, should I remove my insurance from the bike and have him add it to his? The bike will be store in my garage for the winter.
Don't remove the insurance. The bike is still yours according to the title, so you're going to want to make sure there's insurance. If you trust him to put insurance on it...well...if it lapses, and he crashes, you're screwed.

Also, you "technically" should be putting him on the policy...though should still probably be covered by your insurance if you don't. (Disclaimer: depends on the insurance company and the policy coverages).

Edit: Just read the rest of the thread. Yes, still keep insurance on it. Even though no one is riding it, as others have said, garages burn down, bikes get stolen, etc. You want it covered, and you want it covered in your name. I'd make him pay the premiums to you though as you're basically holding it for him for that length of time to come up with the cash.

Last edited by PolishPete; 11-08-2010 at 09:03 PM.
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post #16 of 25 (permalink) Old 11-08-2010, 10:25 PM Thread Starter
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Alright, it makes sense to keep the insurance for another few months and hope to find a new bike by then.
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post #17 of 25 (permalink) Old 11-09-2010, 01:06 AM
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Alright, it makes sense to keep the insurance for another few months and hope to find a new bike by then.
I would keep the bike for another year or 2. Its too soon to get a bigger bike.
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post #18 of 25 (permalink) Old 11-09-2010, 07:21 AM
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I would keep the bike for another year or 2. Its too soon to get a bigger bike.
How can you say that? For all you know he is doing 11's at Blackhawk on that thing.

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post #19 of 25 (permalink) Old 11-09-2010, 08:28 AM
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Can I ask how much your selling it for that it can't be afforded in one lump sum?
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post #20 of 25 (permalink) Old 11-09-2010, 08:32 AM

 
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Can I ask how much your selling it for that it can't be afforded in one lump sum?
I think he mentioned it wasn't that it was a lot of money but rather that it was a 16 year old kid trying to work hard to scrap together the money to buy a bike. Thus, the payment plan.
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post #21 of 25 (permalink) Old 11-09-2010, 08:38 AM
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Quote:
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I think he mentioned it wasn't that it was a lot of money but rather that it was a 16 year old kid trying to work hard to scrap together the money to buy a bike. Thus, the payment plan.
I saw that, but when I was 16, I was able to scrape together a couple grand to buy a car. New Ninja 250s don't have a high price tag to begin with, although they can hold their value very well. I know you can get to old body style for sub $2000 all day.
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post #22 of 25 (permalink) Old 11-09-2010, 12:53 PM Thread Starter
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I sold it for $3800 and Ninja's do hold their value
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post #23 of 25 (permalink) Old 11-09-2010, 12:59 PM
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Quote:
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I sold it for $3800 and Ninja's do hold their value
Wow, I'd prolly take payments if I was able to sell a 2 year old ninja for that price as well. Good job.
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post #24 of 25 (permalink) Old 11-09-2010, 04:40 PM
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Um, can't you haggle with a dealer and get a new one for that kinda price? lol

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post #25 of 25 (permalink) Old 11-09-2010, 04:44 PM
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