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Riding bike registered to someone else with my own insurance?
- Thread starter Snipeski
- Start date
For so many reasons, it makes sense to transfer the bike into your name. Pay a fair price for it with the expectation that after an agreed period of time it can be bought back for an agreed price if the condition warrants it. The bills of sale can "$1" and you pay $0.13 tax +$20 UVIP +~$150 safety each way.
Insurance is one obstacle (and may be insurmountable on its own, kudos to you for doing research). What if it gets light damage that isn't worth a claim? Do you fix it to new or is it just a scratch? What if it has a mechanical failure? Is it your friends problem because they put most of the km's on the bike or is it your problem because you were riding it when it let go? What if you put on tons of miles, will your friend expect compensation for depreciation? What if you spend a lot of time and money making the bike better, are you going to expect money for this?
TL: DR With a long-term loan, lots of unexpected things can come up that harm a friendship. I wouldn't do it.
Insurance is one obstacle (and may be insurmountable on its own, kudos to you for doing research). What if it gets light damage that isn't worth a claim? Do you fix it to new or is it just a scratch? What if it has a mechanical failure? Is it your friends problem because they put most of the km's on the bike or is it your problem because you were riding it when it let go? What if you put on tons of miles, will your friend expect compensation for depreciation? What if you spend a lot of time and money making the bike better, are you going to expect money for this?
TL: DR With a long-term loan, lots of unexpected things can come up that harm a friendship. I wouldn't do it.
Thanks for your reply, i just want to specify that I would get insurance on the actual bike. Not just ride with my own policy.
Appreciate the reply man, and while the relationship is definitely a consideration, we have been friends a long time and have dealt with much higher stakes than an old bike.
I was more curious to the legality and if I would be ok if a cop happened to pull me over.
I generally never use my insurance because its almost never worth the hikes in the long run and i have the money fix whatever could come up.
I'm not sure if a motorcycle would be different from a car, but I have seen a car being owned by one person and licensed/insured to another. (ie. vehicle portion in one name, plates in another name)
The only times I've seen it though was between family members, and usually because the owner doesn't have a driver's license or already has a vehicle(s) insured and the insurance company wants to know who's actually driving. Not sure if the insurance will allow it between non relatives.
Best bet is to speak to your insurance broker and see if it can be done.
The only times I've seen it though was between family members, and usually because the owner doesn't have a driver's license or already has a vehicle(s) insured and the insurance company wants to know who's actually driving. Not sure if the insurance will allow it between non relatives.
Best bet is to speak to your insurance broker and see if it can be done.
Trials
Well-known member
Wondered this myself recently,
what if the friend was put on your policy as a second rider,
or is that acceptable when that person does not reside at the same address.
Would that include fixing the injuries to a third party in the event you made an error?
BTW if anything goes wrong they go after the owner first, your friend.
I see a lot of people discussing insurance and test rides where they focus on the value of the bike. People get life altering injuries from minor spills and they aren't cheap. The bike value is your least worry.
Why not have the owner re-insure the bike having you as the prime rider?
You pay the licence and insurance costs. No safety, taxes, UVIP or transfer fees.
If you like the bike and want to buy it down the road do the legit thing.
Leave the bike under your friend's name, you can plate it and insure it in your name.
You will need a "lease agreement" letter between the vehicle owner and the plate owner, the rest is done at Service Ontario.
Similar to when you lease a car, the car portion of the ownership stays under the leasing company name and you can plate it and insure it in your name.
You will need a "lease agreement" letter between the vehicle owner and the plate owner, the rest is done at Service Ontario.
Similar to when you lease a car, the car portion of the ownership stays under the leasing company name and you can plate it and insure it in your name.
I didn't know that was an option. Thanks Mina.
KenC
Well-known member
Not legal, but on the personal side,
I had a similar option, my bike was dead, my friend offered to lend me his (newer and babied) bike for the summer, and I was flattered he'd let me use his bike, but in the end I said no.
What if I drop it ?, bump it ?, crash it ?, it gets stolen?....I just didn't think the risk was worth it, and I'd feel like such an ass.
I waited and bought a bike later.
I had a similar option, my bike was dead, my friend offered to lend me his (newer and babied) bike for the summer, and I was flattered he'd let me use his bike, but in the end I said no.
What if I drop it ?, bump it ?, crash it ?, it gets stolen?....I just didn't think the risk was worth it, and I'd feel like such an ass.
I waited and bought a bike later.
Who's insurance record would be affected in the case of a claim in this case.
The policy holder (owner of the bike) or the primary rider?
What kind of bike it is? How much is it worth?
Are you not wanting to buy it cause you don't know if you will like it or he doesn't want to sell it cause he has a hard time letting things go.
In case of a claim the owner / friend takes the hit. Possibly double premiums for a number of years.
If you screw with an insurance company and get hung out to dry you can't forecast the cost if there is an at fault.
Risk management. Double premiums could mean $10K over five years. Being denied coverage could cost RRSP's, a house or wage garnishing for life.
Does the leasing company being a legit registered business make a difference?
I don't think it matters.
Years ago it was believed that a person could be sued for a slip fall injury if they fell on an unshovelled sidewalk in front of someones home. I guess a lawyer got involved and the Supreme Court decided that you can't transfer the liability away from something you own. The city is ultimately responsible for their property. They can penalize for non compliance.
I can see how Mina's explanation works but if there was a snag could the owner get stung, particularly by a third party. Apparently there is a crap fest over the insurance situation where the incel a hole rented a van murdering and inuring dozens on Yonge Street. Since it was a criminal act the insurer is saying they don't have to pay out. Who do the crippled people sue other than the rental company?
Traffic violations are rarely criminal acts.
I can see how Mina's explanation works but if there was a snag could the owner get stung, particularly by a third party. Apparently there is a crap fest over the insurance situation where the incel a hole rented a van murdering and inuring dozens on Yonge Street. Since it was a criminal act the insurer is saying they don't have to pay out. Who do the crippled people sue other than the rental company?
Traffic violations are rarely criminal acts.
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Trials
Well-known member
Well you don't want to come here then because I guarantee you will fall down lots and get tics and sticks in the eye barbed wire around your wheels if you go some places :| poison ivy insect bites trees could fall on you drown in the swamp and the solar rays are a killer.
oh and I am a totally irresponsible person, very dangerous to be around
oh and I am a totally irresponsible person, very dangerous to be around
blackcamaro
Well-known member
@nobbie48 is correct. Leasing companies carry insurance specifically to cover them in the event the lessee is sued. It’s common for both the lessor and lesssee to be named in lawsuits, regardless of criminal charges or not.
I wouldn’t let anyone plate and insurance a bike still registered to me. To each their own but way to much liabilty for me to be comfortable with.
I wouldn’t let anyone plate and insurance a bike still registered to me. To each their own but way to much liabilty for me to be comfortable with.
Well you don't want to come here then because I guarantee you will fall down lots and get tics and sticks in the eye barbed wire around your wheels if you go some places :| poison ivy insect bites trees could fall on you drown in the swamp and the solar rays are a killer.
oh and I am a totally irresponsible person, very dangerous to be around
One of the problems I see is that people say (After the event) "I didn't know that would happen". My thought is Why did you think it wouldn't happen?
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