Hi, I am looking to get insurance for my 07' gsxr 600. I am a male 23 and first time rider (M2). I was quoted $3700/year from state farm. I was speaking to one of my friends about insurance and this is what he suggested i did. Change my address, transfer ownership of bike under my mom, make my mom get her m1 and then get her insured for the bike. This method would reduce the cost of insurance to approx 1/3 of what I would have to pay. This way, the bike would be insured and I would be able to ride it. Would this work? Is it it technically legal? Would insurance question why my mom (50 years old) wants to get a super sport insured? What would happen if i get pulled over assuming that my mom is able to get insurance ?
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Loophole or scam?
- Thread starter waqeezy
- Start date
PLau
Well-known member
Cops usually won't care if you get pulled over and you commit this kind of misrepresentation (for insurance). On the other hand, if you were to get into an accident and someone is maimed or dead, what do you think an insurance company will try to do if you're sued/owe a large amount? They'll do everything they can to not pay up, easily done with misrepresentation having your mom as the primary rider yet you are.
The question is, is the amount you're saving worth it if an accident were to happen and if someone were to sue you for 200k in damages, would you be able to afford it?
Ftfy
Not a loophole it is insurance FRAUD. get caught doing it and you can forget about affording insurance for a VERY VERY long time. Besides they will ask if there are any other licenced riders in the house then when your identified the insurance will base the rate on you. If your mom gets an "exclusion" for you then you can't ride the bike, if you do that again is insurance fraud and they won't pay ANY claim.
Plus your forgetting an M1 is only good for a very short period of time, so unless your mom is willing to ride the bike to do the M1 road test, this fraud would only work for 90 days at which time her M1 woud expire.
If you want to play you have to pay. At your age this means bend over for a SS or get a more insurance friendly bike until your rates drop.
FYI you won't be the first person to "try" this and the insurers have been doing this a LONG time they aren't stupid. They will cover you UNTIL the claim comes in. Then not only will they not pay the claim they will cancel your moms policies on everything and she will pay through the nose for a good long time. Not worth it for anyone
Plus your forgetting an M1 is only good for a very short period of time, so unless your mom is willing to ride the bike to do the M1 road test, this fraud would only work for 90 days at which time her M1 woud expire.
If you want to play you have to pay. At your age this means bend over for a SS or get a more insurance friendly bike until your rates drop.
FYI you won't be the first person to "try" this and the insurers have been doing this a LONG time they aren't stupid. They will cover you UNTIL the claim comes in. Then not only will they not pay the claim they will cancel your moms policies on everything and she will pay through the nose for a good long time. Not worth it for anyone
msatrakkoic
Well-known member
Im not sure what world you people are living in.....
Venom01
Well-known member
Why do noobs buy SS bikes as their first ride despite all the info out there that tells you to do otherwise. Do you think people tell you that because they want to deny you an SS? If you bout your bike already sell it and get an old gs 500 or something. Ride a few and then concider it.
Potw
Roomie
Banned
You know what kills me? Would they do this with a sports car? No. What in the hell goes through someone's head that they're just going to buy one of the quickest road legal vehicles out there and insurance won't be anything to worry about. Especially with no experience or extremely little. :dontknow:
That's defined as fraud thus a scam. There was a guy around here in his 50s who bought a Fz09 without checking insurance and it was still several thousands. Someone with a m1 isn't getting a break on a ss because of age. Sell it and get something else until insurance is better or pay up.
Venom01
Well-known member
I was part of that thread. They are going to let him ride that FZ fully covered for 2k a year with zero riding experience.
From my experience with that bike it's not a forgiving noob bike. Light, ON/OFF throttle with gobs of low end torque. 50 years old or not zero riding experience is zero riding experience.
When I insured mine the only thing they asked my about the bike was "is it an R bike?" . Well no its not and therefore cheaper on insurance
Who are you referring too? OP or the people telling OP this is fraud...because it is.
He's not going to listen.. he just wants validation for his decision
Carlos Vincent
Well-known member
Is this joke??
Would his mom even agree to pull this scam??
Let's see how this would play out:
This guy gets in an accident (oh ya I forgot, he's an excellent rider and will not get into an accident) 3rd party sues him, insurance company investigates the claim and finds out he is trying to pull a fast one.
Not only he will get charged with fraud, misrepresentation, his mother will also be charged with it.
If you think insurance is high now, wait until you get charged
You ever heard of those guys that had the claim denied?? why do you think it's been denied?? I want to see you come up with $500,000.
Do you also think you are the first person to come up with something so pathetic as that, whatever you think you can come up, it's already been done.
Wut
Staubig
New member
Right? Act of god or something. It's POS GEICO insurance, but I figure if I get in an accident where I need it I won't be around to pay it out. Maybe that's negative thinking, maybe that's incentive to avoid accidents.
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