Can you get on someone else's insurance as an occasional and pay the difference?
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In an effort to keep insurance record for a year, can you sell a bike but do not cancel insurance until renewal and pay the premium till then.
Assume you sign a sale agreement on ownership transfer to the buyer. When the buyer insures the bike in his name, is the double insurance easy to find by insurance company?
Thank you
Can you get on someone else's insurance as an occasional and pay the difference?
08 MOTO GUZZI 1200 Sport
07 SV1000ST 36,000kms **SOLD**
I presume what you're worried about is the lapse in insurance and what that will do to your premiums in a year if you re-apply for insurance.
Is paying premiums on a bike that you don't own cheaper than the increased premium? Have you looked into that?
As for insuring a bike you don't own any more, well you can't do that as you won't have any insurable interest in the bike any more. But your idea is novel and interesting, and a sad commentary on our insurance industry when people are forced to think out of the box like you are in an effort to keep their premiums down.
As for insuring uncovering the duplicate insurance on the same motorcycle....highly unlikely and if they did the worst thing they would do is ask yuo to cancel your insurance.
The previous posters suggestion was a good one. Try and get added on to someone elses policy as an occasional driver.
Failing all the above, keep the insurance on the motorcycle, just don't say I told you to do it.
"Is paying premiums on a bike that you don't own cheaper than the increased premium? Have you looked into that?"
I only pay 58$ a month and need to pay that for about 4 months until my policy renewal. So yes it is worth it because if I cancel my insurance before renewal, I have only 8 months of insurance history and not 1 year.
Are you going to be getting another bike? Or do you already have another bike? You can transfer the policy to the new bike and it doesnt count as cancelling insurance.
Your best bet here is to call your broker and find out what your options are. It may well be cheaper to pay for the rest of the year, but if youre not planning on getting another bike this year, it might just cost you 200 dollars for no reason.
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Thanks folks for all responses.
I am with TD and they do care about my insurance history.
I may not be planing to get a bike until next riding season and want to have at least a year of history for next year.
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