Question on insurance
Ultimate HDF Member
Joined: May 2006
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RE: Question on insurance
ORIGINAL: Bluerose
hmmm...when did that happen....I've done it with cars before?
ORIGINAL: cjmilez
Hey Silverback~ The person who takes out the loan at an institution is the one that has to be the named insured on the motorcycle....My friend can't buy a bike under her name, and I take out insurance for it and fax it to the bank....the name on the loan is responsible for the insurance of the property being insured.
Hey Silverback~ The person who takes out the loan at an institution is the one that has to be the named insured on the motorcycle....My friend can't buy a bike under her name, and I take out insurance for it and fax it to the bank....the name on the loan is responsible for the insurance of the property being insured.
Road Warrior
Joined: Sep 2005
Posts: 1,942
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From: guntersville, al
RE: Question on insurance
you can insure abike that is financed and titled in anothers name. you just have to clear it with the credit union. they just want to be protected against loss. i loaned a financed car to friends for 3 years while they paid me monthly to cover the loan. their insurance policy (State farm) showed the credit union as the creditor and me as the owner/loan guarantee. they were shown as the drivers. was no problem.
Tourer
Joined: Jun 2006
Posts: 285
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RE: Question on insurance
Take the rate from the credit union to finance person at the dealer. I did and they matched it with only a printout, from the internet, of the rates from the credit union. I told them if they didn't match it I would go elsewhere for financing and they would make nothing. They came back 1/4% below credit union. Worth a try.
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