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Discussion Starter · #1 ·
Hey Everyone,

Just bought a 2012 848 evo recently and I'm already in love with it. Unfortunately, I have to go out of state for the next 6 months for work!! This was an unexpected work transition so when I financed the bike, I got full coverage and I pay about 115 per month with State Farm (Thank you to everyone who recommended them on this site, they were by far the cheapest).

My question is this, in order to save some money (because the bike is going to be in our garage, unridden the entire time) should I switch my full coverage to liability only?

My financing is through Ducati Financial Services (VW Credit) and I would hate for them to put lender placed insurance on the bike because I heard it costs way more.

Not having full coverage on the bike will save me $600 and I'm not a rich guy by any means, so $600 is a ton of money for me. What're your thoughts on this? Do you guys think that DFS will find out that there's only liability on the bike? If yes, even in only 6 months time? Has anyone ever done this without having the lender place full coverage on the motorcycle?

Any input is appreciated. Thanks in advance.
 

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You should try daryland ins. I pay 850 a yr for full coverage on my 14 SF848. Progressive who I have been using for 10 yrs for my other cars and trucks want almost double.
 

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6 months...tough call. If you switch your insurance (or drop it altogether) for that time period, you will get something in the mail at some point, which will basically be like a warning telling you that they'll add their own insurance if you don't provide proof of full coverage/comprehensive. The question is how long will it take for them to send that to you and how long until they add their insurance on there (which is a lot more like you said...could be about triple what SF is). Unless someone on here works for a bank, credit union, etc. chances are you won't really know the answer to that question, so proceed at your own risk.

Personally I would see how much difference it would be if you drop the liability. Liability insurance is required to drive on the road, that's it. My 1198 is financed still and it's a track bike so since I don't ever ride it on public roads I dropped the liability and just have the comprehensive and collision, which is what's required by the lender. I have SF and I pay $30/month for it....granted I live in the corn state, not california so I imagine our rates here are lower. But still...worth a try.
 

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Check with your lender before dropping any insurance coverage. Generally the loan contract you sign obligates you to carry full coverage on the vehicle for the term of the loan. If you change it the insurance company will send a notice to the lender and the lender will send you a nasty-gram. If you don't comply they will buy insurance for themselves (at a MUCH higher rate) and add the cost to your loan.

But you might find them reasonable if you let them know your situation. But their primary concern is THEIR interest in the property (i.e. the bike) and not yours.
 

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I've got mine stored at the moment, called the insurance agent (State Farm) and they dropped the coverage down to just comprehensive removing the collision and liability. Again, the solid advice is to talk to your lender, and make sure they're ok with it.
 

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Call state Farm they will work with you.
 

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Discussion Starter · #8 ·
Spoke too soon

Looks like my job relocation will only be for 2 weeks, thankfully. I spoke with my manager about it last night and he let me know that only 2 weeks was "mandatory". Looks like I lucked out and get to keep enjoying my new lady :yo:.

I appreciate everyone's responses and advice, looks like I will be keeping everything the same after all.
 

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$115 per month is horrible for full coverage. I pay $230 for an entire year full coverage for my 2014 899, through rider insurance. They only insure motorcycles.
 

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Discussion Starter · #10 ·
$115 per month is horrible for full coverage. I pay $230 for an entire year full coverage for my 2014 899, through rider insurance. They only insure motorcycles.
Wow... that's awesome. I haven't checked them out but I will be sure to soon. I'm 32, no tickets, live in a nice area... I have no clue why my rates are so high. I pay 280 a month for 2 cars too... total 405 a month in insurance costs alone lol... it sucks being responsible.:violin:
 

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Wow... that's awesome. I haven't checked them out but I will be sure to soon. I'm 32, no tickets, live in a nice area... I have no clue why my rates are so high. I pay 280 a month for 2 cars too... total 405 a month in insurance costs alone lol... it sucks being responsible.:violin:
I pay like $280/yr for full on my 1198 through Rider. But a bunch of people have been getting renewals where their policy is going up into the thousands.

OP, how do you even have a choice on what type of insurance you have on a financed bike? It should be full coverage, since you dont own it.
 

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The big question is how good is Rider Insurance when you need them? Any insurance company can give you very low rates but then they do everything they can to not give you money when you make a claim. I haven't heard anything great about Rider, other than the low rates.
 

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^ I dont know anyone who has ever had to actually "use" them.
My dad was with them for 20 years plus- when I bought the Duc I figured I would give them a chance
 

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The big question is how good is Rider Insurance when you need them? Any insurance company can give you very low rates but then they do everything they can to not give you money when you make a claim. I haven't heard anything great about Rider, other than the low rates.
I can't answer that one, I have never had to use my motorcycle insurance, knock on wood.

I use to have progressive and they had good prices on my other bikes, but they quoted me over $2k per year for the 899, so I had to go to Rider.
 

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I went with AAA, they charge me $511 a year for my 2011 SF1098. I was with progressive before that and they wanted over $1300 a year, so I had to leave.
 

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I pay like $280/yr for full on my 1198 through Rider. But a bunch of people have been getting renewals where their policy is going up into the thousands.

OP, how do you even have a choice on what type of insurance you have on a financed bike? It should be full coverage, since you dont own it.

i just got my renewal from rider and it went from 480 to 1140 for the year screw them and the coverage also went down to some ridiculous numbers im done with them :kaioken::mad:
 

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Discussion Starter · #17 ·
I pay like $280/yr for full on my 1198 through Rider. But a bunch of people have been getting renewals where their policy is going up into the thousands.

OP, how do you even have a choice on what type of insurance you have on a financed bike? It should be full coverage, since you dont own it.
Well that was the original post... I was told by my job that I had to relocate for 6 months and I wanted to know if I could change the bike to liability for that meantime and save myself some money since it wasn't going to be ridden either way. I just wanted to know what the likelihood would have been for lender placed insurance in the 6 months.

Fortunately, got some good news that it wasn't mandatory, so I just decided to keep everything the same.

So yup, since I don't own my motorcycle, I need to carry full coverage.

:conveyer:
 

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I have State Farm, and I had to actually use them once. Without going into any embarrassing details, lets just say I had my brand new 1198 for a very short period of time when I through it down (I was fine, other than some road rash). At the time I was under 25, and my premium was $70/month for full coverage/comprehensive. I called them up, told them what happened, they had an estimator go over to the shop where I took the bike to get fixed, estimated the damages at $7200, and within a few days I had a check for $6200 in the mail ($1000 deductible). No problems whatsoever, and my insurance didn't go up at all after that, because they said if the accident didn't involve anyone else and there was no property damage other than my bike, my premiums wouldn't increase. They held true to their word. Now I'm paying $30/month for the same bike (I'm over 25 now), however I took the liability off since I don't ride it on the street anymore.
 
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I went with AAA, they charge me $511 a year for my 2011 SF1098. I was with progressive before that and they wanted over $1300 a year, so I had to leave.
There is no logical basis behind insurance rates much like airline fares. I'm sure they have a "system" but it sure seems to be arbitrary rather than consistent.

It pays to shop around! Differences of 5:1 are not uncommon between different insurance companies for the SAME bike/rider/coverages. It seems they all have their own definitions about what is a high-risk vehicle or zip code or rider.

I'm a believer of "Independent" insurance agents who can easily shop your business around among multiple insurers quickly and easily and find you the best deal for your "package".
 
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