[javawhz]

Is it possible to cancel full coverage insurance without the finance company knowing about it? Anyone done it?

 

[cesj]

Everytime I have financed anything neither company called me to check to see if I had full coverage. On my truck or bike. I dropped to liability on both and havent had any problems.

 

[LeanAngle]

SoWeGa is right. They will find out. If you cancel full coverage, they'll notify the lien holder.

If the loan company isn't listed on your insurance as a lien holder (extremely unlikely) you should get away with it.

Of course, if you do crash and burn, without full coverage, you'll be making payments on a bike you can't even ride. Not a wise choice IMO.

 

[geremy]

I know I guy that's still paying of a 2002 R6 (bought new in Feb, 2002). He wrecked 2 weeks after he bought it at about 86 miles. Totalled...

 

[Dr.Dover]

I was getting letters from my finance company 5 days after I had changed the type of coverage on my car asking if I had done the same for the bike :mad Those fuckers know if you scratch your ass wrong

 

[coolhand]

Don't do it!! When, not "If", but "When" they find out, they "Will" tack on a premium to the rest of your payments......And it wont be a reasonable amount...........think "Major Anal Rape"..........Because if you read your sales/financing agreement, somewhere on there it has a section that deals with "Insurance" and your need to carry it, and what their rights are to back charge you for not carrying it...... And they will have "No Sympathy" for you!!! I learned this the hard way back in 1990 from my fine friends at Ford Motor Credit.........Dont Do IT:shake :shake :shake :shake :shake :shake :shake :shake
Oh, and dont think that they will waive the charge when you finally re-insure....You'll pay them their extra and you'll be paying for insurance..:shake
God Damn I'm having flashbacks...........a cold chill runs up my spine, hands begin to tremble...............:nono

 

[javawhz]

I owe only $3,500 on my F4i and it has over 21,000 miles on it. It's been down twice and although its mechanically sound it has some minor cosmetic damage. I have never made a claim and don't intend to for fear of being blackmarked. Not worth it for me to pay an additional $40/mo for full coverage if I am never going to make use of it. Looks like the best is to pay it off.

 

[calgary23]

javawhz said:
I owe only $3,500 on my F4i and it has over 21,000 miles on it. It's been down twice and although its mechanically sound it has some minor cosmetic damage. I have never made a claim and don't intend to for fear of being blackmarked. Not worth it for me to pay an additional $40/mo for full coverage if I am never going to make use of it. Looks like the best is to pay it off.

Transfer the loan elsewhere and get the title and you can do whatever you want.

 

[calgary23]

This is the real truth and I swear by it and can prove it.

I financed my 02 zx9 ( bought new in July 03) . I financed every penny through Kawasaki.

The kicker is Kawasaki DID NOT force any and I mean any insurance on me. I am 34 have a mortgage, cars paid off, perfect credit.

Sometimes a lender will look at your credit score and see if they you are trustworthy to pay even if you total it.

I believe the salesman said Honda didnt allow that.

Part of me think Kawa wanted to be rid of the zx9 in the worst way. Its a great bike but a bit outdated compared to r1, gsxr1k, 954.

 

[wildchild]

most bike co's are that way because they finance you on a credit card rather then a collateral loan.
depending on who the bike is financed with they will probably find out.
if you used a high risk type place for credit then they may not find out but a reputable bank will.
i wound up paying for a smashed car 10 years ago because of dropping the insurance. the crash gods watch for you and will get the money one way or another.
now days my bike is paid for and still has full coverage, just in case.