How does the bank find out if you switched your motorcycle coverage to liability from their loan?
on atPosted In: Personal Finance
wade asked:
i know if you finance through a bank and you dont get a personal loan, then you must carry full coverage on the bike. but what stops you from just calling your insurance agent during the winter when your bike sits in the garage all the time and just putting liability on the bike??
Get Out Of Debt NOW
i know if you finance through a bank and you dont get a personal loan, then you must carry full coverage on the bike. but what stops you from just calling your insurance agent during the winter when your bike sits in the garage all the time and just putting liability on the bike??
Get Out Of Debt NOW
Pilates Machines
If the loan isn’t paid off, the bank is the ‘official’ owner of the bike. If you change the insurance, they are notified.
It does seem unfair, though, that you have to carry full coverage on the bike when you’re not riding it for several months at a time.
What Causes Bad Breath
the insurance company’s are bound by law to report this if you do it until the bike is paid for,they do the same thing with any vehicle ,whether it be a car boat or a motor cycle,they just do this to protect their own interest in what you owe on it,once its paid for they don’t care what you have on it,but its that way just about everywhere you go to now,and its the law,good luck.
chronicbadbreath.info
I can’t say it any better than those two.