motorcycle insurance full coverage?
I pay full coverage for my motorcycle and my co worker who is still paying on his bike has way cheaper insurance then me. Were the same age. Is it possible not to have full coverage when you have a loan for the bike? I know your suppose to, i do but i would think the insurance company could find out some how if you told them it was paid off..right?
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Your insurance company does’t care if the bike was paid off or not. They will accept whatever you say and change your policy but when it’s time to make a claim, that’s when they dig around ( premiums on a paid off vehicle are lesser) , they could deny it or penalize you.
You can’t compare what someone else pays for insurance. Insurance is based on a number of factors, many of which are personal. Your lender may require full coverage, maybe his doesn’t. You don’t lie to the insurance company because it will come back to bite you. You also can’t fool your lender. As the lienholder, the insurance company is required to notify them if you reduce or cancel your coverage. THe insurance company will receive a copy of the lien release when your bike is paid off. That’s how they will know it’s been paid off.
You have to have whatever the lender requires. If your lender wants full coverage and them named as loss payee, and you drop full coverage, they can either add their own insurance that protects them and add that charge to what you owe them, or they can declare the terms of the contract not met and the full balance due immediately.
Your co worker may have a loan with different requirements, or a better driving records, or any number of reasons why his policy is different than yours.
“Full coverage” means ten different things to 10 different people.
Yes, it’s possible to NOT have collision and comprehensive on your policy, if the bike is not used as collateral for the loan. But MOST likely, YOUR full coverage is different from HIS full coverage.