Credit and Debit Cards
Motorcycle Insurance

What happens if you purchase a brand new motorcycle on a credit card and then end up canceling the insurance in the same week as buying it?


Top Answer
User Avatar
Wiki User
2006-06-30 11:56:17
2006-06-30 11:56:17

If you are speaking of physical damage coverage, if you have no loan or an unsecured loan such as a credit card then you are not required to carry this coverage for the bike itself. However if you plan to drive it over the road, every state has requirements for minimum liability coverages that must be carried. So if you cancel the insurance and still drive it not only are you in violation of the law but if you cause an accident you will be completely liable for any damages and injuries and will have no coverage. Typically minimum limit liability policies are inexpensive.


Related Questions

I guess she tries to collect from the drunk's insurance or sues the drunk and or the boyfriend. If the drunk has no insurance or money, or the boyfriend has no money I think you have your answer. If she has her own medical insurance, she could probably use that.

Get insurance as soon as you buy it. Get a form called a BINDER. BEFORE you start the bike or even think about taking a ride. If you wait........... you will be sorry. If anything happens, someone is getting sued, guaranteed.

If you purchase a product or service through they do offer insurance to cover your item in case something happens. You may add this on to your cart at the end of the purchase.

You will still have to pay the tickets. I just went through this. Your licnese will get suspended and you will have to pay 375 to reinstate it and 250 for having no insurance. they will call your insurance agent and get the time you got your insurance.

Nothing happens! Nothing happens!

Catastrophic medical insurance is insurance only for large payments when something major happens to you. If you have regular health insurance, you do not need to purchase catastrophic insurance as well.

Well, you may indeed, but you are in responsibility! Whatever happens to the car, you will have to face the consequence!

One would wish to purchase travel insurance for many reasons including refund of prepaid vacation should something happen to keep you from going, baggage loss, and medical expenses. Travel insurance can be a big help when the unexpected happens.

If you need to have something shipped that is expensive you can purchase shipping insurance. The insurance will be offered when you mail the package and if something happens to it the postal carrier would have to pay for it.

You are responsible for the damages..that is why they ask do you want to purchase their insurance or if your car insurance will cover the rental...And once you sign the papers you have agreed to the terms and conditions..

You are responsible for the damage you cause in an accident, regardless if you are insured or not. Having insurance transfers your responsibility to pay for the damage from you to your insurance company. If there are injuries to the other party, then the other party's insurance should pay for their injuries, but you are still responsible for the property damage you have caused the other person.

If a motorcycle was covered wet, there is a chance it could rust. Always wipe the motorcycle dry before covering if possible.

You can lose your license if you were at fault. If you were not at fault you would be required to purchase insurace with the SR-55 form. This means you will pay higher insurance and will have to do so for three years. (The rules may have changed over the years.) After you have had 3 years of no accidents and no lapses in insurance then you would get another form from the DMV and you could purchase a lower cost policy. In California you can purchase liablity only insurance.

When this happens, your Insurance company pays for damages. If the accident is your fault, your insurance rates can go up.

Yes, everyone should have umbrella insurance. It will help cover you if an accident happens on your property and it is deemed your fault. Normal insurance has liability limits and it will keep you from going bankrupt after a lawsuit.

"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."

When you book a cruise, it is important to purchase cruise insurance. If you do not have cruise insurance and something happens to your luggage or belongings, there is no way to have it replaced. In the event that something is lost or damaged and you do have insurance, the cruise line will be able to either replace the item or give you the money for it.

Nothing..... it is the responiblty of the lender to arrange someone in your state to repo the bike (or car). Keep your insurance on the bike just in case something happens to it in the meantime.

Same as if it where 2 cars. The uninsured driver will be sited and then your insurance will pay for the repairs and try and collect from the uninsured driver, if you have uninsured or underinsured coverage, if not you can take the uninsured driver to small claims court.

What happens is that you get a new insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.

you will have to pay a debt and GET CAR INSURANCE

Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.