sold bike need advise (insurance coverage etc)

dimeified · September 9th, 2013, 12:46 PM

Hi guys,
I am no longer a Ninja owner, I sold the vehicle today. Anyway, I realized I had left the plate on my bike accidentally, I spoke with the buyer they are going to mail me the plate (i trust they will.) The bike doesn't currently run so I am not worried about accidents or tickets, my question is this.
I called my insurance company to cancel coverage, they asked if i turned in the plates to dmv. In new jersey there may be a fine or penalty if the coverage is cancelled first. Well i was planning on buying a bike next season, so wouldnt i keep the plate once i get it back anyway?
So what do i do? Cancel the policy now, keep the plate when i get it back, for another 7 months until i get a new bike?

Wait until i get the plate, turn it in, then cancel the policy?

gibtzumich318 · September 9th, 2013, 12:48 PM

Quote:

Originally Posted by dimeified

Hi guys,
I am no longer a Ninja owner, I sold the vehicle today. Anyway, I realized I had left the plate on my bike accidentally, I spoke with the buyer they are going to mail me the plate (i trust they will.) The bike doesn't currently run so I am not worried about accidents or tickets, my question is this.
I called my insurance company to cancel coverage, they asked if i turned in the plates to dmv. In new jersey there may be a fine or penalty if the coverage is cancelled first. Well i was planning on buying a bike next season, so wouldnt i keep the plate once i get it back anyway?
So what do i do? Cancel the policy now, keep the plate when i get it back, for another 7 months until i get a new bike?

Wait until i get the plate, turn it in, then cancel the policy?

Once you get the plate back turn it in and then cancel your policy. Start a new policy with a new plate once you buy a new bike.

subxero · September 9th, 2013, 12:52 PM

wait for the plate, turn it in, then cancel policy.

There is a fine for having an uninsured vehicle. So if you keep the tag which essentially a registered vehicle as it is tied to your bike but cancel insurance. The DMV thinks you have an uninsured vehicle and if they find out they will slap you with fines and late fees.

Just play it safe, get the plates, turn them in, cancel insurance.

There are exceptions to the rule, like if you have a vehicle that is not operational that you are working on for a long time, you can cancel your insurance if it is properly documented and avoid fines.

I just moved to a new state and need to get my new plates for my bike (will do this week) So I currently have 2 insurance policies. One for my old state and one for my new state. Can't cancel old state policy until I turn in plates but need current state policy to get tags and registration.

Alex · September 9th, 2013, 01:25 PM

Interesting, this varies quite a bit by state. Here in CA, the plate always stays with the vehicle, so I wasn't sure why there was an issue at first.

csmith12 · September 9th, 2013, 01:32 PM

^^^ Same here

Not sure of your options in NJ, but If KY had that stipulation, I would do the following;

Call insurance co. and drop all road coverage but leave it named/listed on the policy (keeps you legal for less and you insurance don't take a hit either, YMMV).
Wait for the plate (in the mean time, figure out what you will need to do to get a new plate just in case)
Buy new bike
Get coverage for new bike
Get new bike and have DMV attach to new bike
Ride on....

Good luck!

dimeified · September 9th, 2013, 04:05 PM

ok i'm going to wait for the plate to come in the mail, turn it in, then i'll cancel the policy. they seem like honest people, im not worried they're going to rob a bank with my plate on another bike. thanks guys, very helpful as always

Bigballsofpaint · September 10th, 2013, 10:18 AM

In CT you can put the plate on hold, so when you get it back you can keep the plate and not pay as much when you go to plate your next bike.

September 9th, 2013, 12:46 PM	#1
dimeified ninjette.org guru Name: Lucas Location: Pompton Lakes, NJ Join Date: Jul 2009 Motorcycle(s): '09 Blue 250R Posts: 446	sold bike need advise (insurance coverage etc) Hi guys, I am no longer a Ninja owner, I sold the vehicle today. Anyway, I realized I had left the plate on my bike accidentally, I spoke with the buyer they are going to mail me the plate (i trust they will.) The bike doesn't currently run so I am not worried about accidents or tickets, my question is this. I called my insurance company to cancel coverage, they asked if i turned in the plates to dmv. In new jersey there may be a fine or penalty if the coverage is cancelled first. Well i was planning on buying a bike next season, so wouldnt i keep the plate once i get it back anyway? So what do i do? Cancel the policy now, keep the plate when i get it back, for another 7 months until i get a new bike? Wait until i get the plate, turn it in, then cancel the policy? __________________________________________________ 2 thumbs up

September 9th, 2013, 12:52 PM	#3
subxero dirty boy Name: Joe Location: Johnstown, PA Join Date: Sep 2012 Motorcycle(s): I don't even know anymore?? Posts: A lot. MOTM - Apr '14	wait for the plate, turn it in, then cancel policy. There is a fine for having an uninsured vehicle. So if you keep the tag which essentially a registered vehicle as it is tied to your bike but cancel insurance. The DMV thinks you have an uninsured vehicle and if they find out they will slap you with fines and late fees. Just play it safe, get the plates, turn them in, cancel insurance. There are exceptions to the rule, like if you have a vehicle that is not operational that you are working on for a long time, you can cancel your insurance if it is properly documented and avoid fines. I just moved to a new state and need to get my new plates for my bike (will do this week) So I currently have 2 insurance policies. One for my old state and one for my new state. Can't cancel old state policy until I turn in plates but need current state policy to get tags and registration. __________________________________________________ I love the smell of burning pre-mix in the morning I don't think I'm a lot dumber than you thought that I think that I thought I was once.

September 9th, 2013, 01:25 PM	#4
Alex ninjette.org dude Name: 1 guess :-) Location: SF Bay Area Join Date: Jun 2008 Motorcycle(s): '13 Ninja 300 (white, the fastest color!), '13 R1200RT, '14 CRF250L, '12 TT-R125LE Posts: Too much. Blog Entries: 7	Interesting, this varies quite a bit by state. Here in CA, the plate always stays with the vehicle, so I wasn't sure why there was an issue at first. __________________________________________________ Montgomery Street Motorcycle Club / cal24.com / crf250l.org / ninjette.org ninjette.org Terms of Service Shopping for motorcycle parts or equipment? Come here first. The friendliest Ninja 250R/300/400 forum on the internet! (especially Unregistered)

September 9th, 2013, 01:32 PM	#5
csmith12 The Corner Whisperer Name: Chris (aka Reactor) Location: Northern KY Join Date: May 2011 Motorcycle(s): 2010 250 (track), 1992 250, 2006 R6 (street/track), 2008 R6 (track) Posts: Too much. MOTY 2015, MOTM - Nov '12, Nov '13	^^^ Same here Not sure of your options in NJ, but If KY had that stipulation, I would do the following; Call insurance co. and drop all road coverage but leave it named/listed on the policy (keeps you legal for less and you insurance don't take a hit either, YMMV). Wait for the plate (in the mean time, figure out what you will need to do to get a new plate just in case) Buy new bike Get coverage for new bike Get new bike and have DMV attach to new bike Ride on.... Good luck! __________________________________________________ Goal: Shake A Million Hands \| Look through the corners \| Track Day Prep \| Closest track? \| The Mid-Ohio School

September 9th, 2013, 04:05 PM	#6
dimeified ninjette.org guru Name: Lucas Location: Pompton Lakes, NJ Join Date: Jul 2009 Motorcycle(s): '09 Blue 250R Posts: 446	ok i'm going to wait for the plate to come in the mail, turn it in, then i'll cancel the policy. they seem like honest people, im not worried they're going to rob a bank with my plate on another bike. thanks guys, very helpful as always __________________________________________________ 2 thumbs up

September 10th, 2013, 10:18 AM	#7
Bigballsofpaint ninjette.org certified postwhore Name: Jay Location: CT Join Date: Apr 2011 Motorcycle(s): 2015 636 ABS - 69 Honda 305 Posts: A lot.	In CT you can put the plate on hold, so when you get it back you can keep the plate and not pay as much when you go to plate your next bike.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Insurance coverage	APEmike	General Motorcycling Discussion	9	December 23rd, 2014 11:08 AM
Let's talk about motorcycle insurance - medical coverage	cadd	General Motorcycling Discussion	10	September 4th, 2014 02:16 PM
[motorcycle.com] - What insurance coverage do I minimally need as a foreigner when I	Ninjette Newsbot	Motorcycling News	0	August 20th, 2014 01:10 PM
[motorcycle.com] - Do scooters need full coverage insurance?	Ninjette Newsbot	Motorcycling News	0	July 1st, 2013 04:50 PM
Accessory Coverage on Insurance	Jiggles	General Motorcycling Discussion	35	February 28th, 2013 09:06 AM