Need to sell bike in order to buy new one, what to do about insurance? | GTAMotorcycle.com

Need to sell bike in order to buy new one, what to do about insurance?

smellyflamingo

smellyflamingo

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Hello everyone,

Been wanting to buy a different motorcycle but in order to do so I would need to sell the one I currently have. I wouldn't want to cancel my insurance policy but obviously there would be some downtime between selling my bike and buying a new one.

As someone who has never done this before, what are the steps for this process. Is it not possible to do this?

I want to sell my bike and not cancel insurance, but if I sell the bike to another person and don't do anything with insurance and he crashes or does something silly I'm worried I'll get in trouble.

Any thoughts or advice?
 
Correct me if I am wrong, but I thought gaps in motorcycle insurance didn't affect you like it does with a car (at least, short gaps eg. not years between). Also I wouldn't let anyone else on it if you are still insured if they potentially are not (yet), or you are liable if they crash or get pulled over.
 
" he crashes or does something silly" - Let your insurance company know when you sell the bike. Write a bill of sale that includes date and time and both you and buyer sign (I used the UVIP form for this). You can also visit the MTO to return your plate/sticker. Even if you buy a new bike first, you're still going to have to call the insurance company to add that vehicle... Trading the bike in on a new (or used) purchase at a dealer may suit what you are trying to do?
 
1. Sell the bike, get the money in your hands, sign all paper work. You no longer own this vehicle.
2. Call your insurance agent and tell them that you just sold your motorcycle. They will update your policy and temporarily cancel your bike insurance.
3. Find new shiny bike that you want to buy. Buy this bike.
4. Call you insurance agent again and tell him you bought a shiny new bike, provide the details (vin, make, model).
5. enjoy.
 
smellyflamingo said:
...I want to sell my bike and not cancel insurance, but if I sell the bike to another person and don't do anything with insurance and he crashes or does something silly I'm worried I'll get in trouble...
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When you sell your bike you transfer ownership of the bike to the buyer. You remove your license plate when you finally give your bike to the buyer, as the plate belongs to you. Your insurance policy does not apply to a vehicle you no longer own, and you are not responsible once you sell your bike. The buyer must immediately get their own insurance in order to get their license plate.

When you call your insurance company you just tell them you will get a new bike soon, and they will suspend your policy but not cancel it. When you get your new bike you pay the difference. This also happens with cars as well.
 
lapses do not affect insurance, that is a myth (as the practice would be illegal). The only time it affects anything is if you're getting something like accident forgiveness, or not hitting you so hard for a ticket because you were a client before.
 
Is this a serious question?
 
FLSTC said:
" he crashes or does something silly" - Let your insurance company know when you sell the bike. Write a bill of sale that includes date and time and both you and buyer sign (I used the UVIP form for this). You can also visit the MTO to return your plate/sticker. Even if you buy a new bike first, you're still going to have to call the insurance company to add that vehicle... Trading the bike in on a new (or used) purchase at a dealer may suit what you are trying to do?
Click to expand...


You can report the bike sold to the MTO without returning your plate or sticker.

I'd do up a bill of sale and report to MTO and leave insurance as is until you get a replacement unless you expect that to be months.
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