September 9th, 2013, 12:46 PM | #1 |
ninjette.org guru
Name: Lucas
Location: Pompton Lakes, NJ
Join Date: Jul 2009 Motorcycle(s): '09 Blue 250R Posts: 446
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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?
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2 thumbs up |
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September 9th, 2013, 12:48 PM | #2 | |
ninjette.org guru
Name: Chris
Location: Nokesville, VA
Join Date: Jun 2013 Motorcycle(s): 2013 Ninja 300 Posts: 470
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Quote:
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September 9th, 2013, 12:52 PM | #3 |
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
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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.
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September 9th, 2013, 01:25 PM | #4 |
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.
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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.
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September 9th, 2013, 01:32 PM | #5 |
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
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^^^ 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!
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Goal: Shake A Million Hands | Look through the corners | Track Day Prep | Closest track? | The Mid-Ohio School |
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September 9th, 2013, 04:05 PM | #6 |
ninjette.org guru
Name: Lucas
Location: Pompton Lakes, NJ
Join Date: Jul 2009 Motorcycle(s): '09 Blue 250R Posts: 446
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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
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2 thumbs up |
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September 10th, 2013, 10:18 AM | #7 |
ninjette.org certified postwhore
Name: Jay
Location: CT
Join Date: Apr 2011 Motorcycle(s): 2015 636 ABS - 69 Honda 305 Posts: A lot.
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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.
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