just got a 07 cbr600rr and insurance question...

gitoy · November 11th, 2010, 03:37 PM

hi guys and gals, i just got a cbr and now i am paranoid about it getting stolen...

here are some pictures...

IMG_2403 by gitoy, on Flickr

IMG_2406 by gitoy, on Flickr

IMG_2412 by gitoy, on Flickr

it has 8,300 miles and paid $4,300 from a private party...

AAA quoted me $328/yr for full coverage and took it and told them i paid $5,500...i can transfer the title through AAA and was wondering if i could still fudge the sales price when i have to pay the sales tax...like could i now say oh i only paid so and so?...

lol, this purchase just about broke me..

Nemesis · November 11th, 2010, 03:44 PM

Yes you can but you know how that goes...

You paid $4300 and the bike has 8300 miles? Was it salvaged? Did you check the bike thoroughly cuz that's awfully a low price.

If everything checks out good, good for you!

gitoy · November 11th, 2010, 03:53 PM

the bike has been dropped on the driveway...but the bike has a clean title...only problem is the exhaust has been debaffled and it is loud...

my concern is i got the full coverage and told them i paid $5,500 when in fact i only paid $4,300...will AAA give me a hassle if i make a claim...if i say i only paid $3,000 so that my sales tax is lower when i transfer the title...

anybody have any experience or opinion on this?...

8gauge · November 11th, 2010, 04:04 PM

I'm hoping to get a CBR600RR for my next bike. That is one sexy bike. Good luck on your insurance.

TrueFader · November 11th, 2010, 04:08 PM

i'm not sure how many people on this forum will usggest commiting fraud, but got for it and let us know how it turns out

TonyKZ1 · November 12th, 2010, 11:11 AM

I think I'd let them know the correct price you paid for it, but that's just me. It might save you problems later on. I'm not sure how much of a difference it'll make on the sales taxes and all that.
Tony

Nemesis · November 12th, 2010, 11:24 AM

Quote:

Originally Posted by gitoy

the bike has been dropped on the driveway...but the bike has a clean title...only problem is the exhaust has been debaffled and it is loud...

my concern is i got the full coverage and told them i paid $5,500 when in fact i only paid $4,300...will AAA give me a hassle if i make a claim...if i say i only paid $3,000 so that my sales tax is lower when i transfer the title...

anybody have any experience or opinion on this?...

Wait a minute, you've claimed $5000 but paid less hoping in case it gets stolen you'd get more than what you paid.

Then on another thread, you're trying to skip out on paying sales tax on what you actually paid for by claiming you paid less?

This guy...

Anyone else not catch this or do you guys all condone this and do it yourself? LOL!

dubojr1 · November 12th, 2010, 11:29 AM

I lied about sales price one time....learned my lesson.

I'm not sure how Florida does it but they allow you to write what you paid for it on the title. Here we don't even have to sign in front of a notary. Downfall came one day in form of a letter form the State of Florida DMV. Letter said that their research showed that the submitted value was lower than average and was now requesting a Bill of Sale for proof of what I paid for it. No big deal right....wrong. Failure to produce a BOS and a penalty was accessed in the amount of $500 plus the remainder of the tax that should have been paid in the first place. Grand total was like $860. I guess as long as you and the seller are on the same page, you may can pull it off. IMHO....it's not worth the risk.

johnjohn · November 12th, 2010, 11:53 AM

Works the same way in Ontario Canada. Need to be on the same page and keep your BOS etc. Sellers phone number is handy to if you need to make a heads up call.

HKr1 · November 12th, 2010, 01:07 PM

328 a year for full coverage? I dont know how you guys get such low rates

Insurance company doesnt care what you paid for it. They will only give what the book value is........

Nice looking bike thou, the white looks really slick

FrugalNinja250 · November 12th, 2010, 01:55 PM

Price you paid is unimportant to the insurance company. They pay claims based on market value of the bike at the time of the claim regardless of whether you paid $5,000 or $5.

As far as sales tax goes, just get a bill of sale signed by both showing how much you paid and submit that. Be thankful you don't have a presumed value crap system like Texas does. Here you pay tax based on what the state presumes you paid for it, no matter what you really paid for it, and that presumed value is based on a perfect bike in perfect condition. If it was a burned down pile of crap you bought for $20 scrap value you'd still pay full tax on it at 6.25% times full price.

sharky nrk · November 12th, 2010, 02:11 PM

That is a beautiful bike, may be the best looking color scheme for the 600RR ever, if I was to have one that would be it. On a side note, fraud is immoral and illegal.

Boom King · November 12th, 2010, 02:33 PM

If you already took the policy and told AAA an inflated price, what's the point of this question now? Unless you think you can call them back and adjust the price to its correct sale value without looking fishy. Another thing to consider is if your insurance company charges premium based on the value of your motorcycle. I know mine does, so even though you inflated your purchase price, AAA may be charging you a higher premium also.

The consequences of getting caught with this can also be pretty damaging. Having your insurance policy cancelled because of fraud or material misrepresentation will be noted on your insurance record for a long time and depending on your state may even carry other fines or penalties. Try getting a new insurance policy after having a misrepresentation charge on your record. It's like trying to get rid of a bad tattoo you got after drinking too much one night. It will be a long, painful and very expensive process. Anyways congrats on your new bike, it looks pretty sweet.

gitoy · November 12th, 2010, 02:49 PM

just got back from AAA and paid the sales tax on $5,500...

the $328/yr full coverage was so good that i didn't mind...

Alex · November 12th, 2010, 07:53 PM

Quote:

Originally Posted by FrugalNinja250

Price you paid is unimportant to the insurance company. They pay claims based on market value of the bike at the time of the claim regardless of whether you paid $5,000 or $5.

Most do, but not all. There are cash value policies where the payout is in fact exactly what you paid for it. But those policies certainly don't rely on the policy holder just telling them over the phone how much the bike cost. And the premiums are set for the potential loss of that value anyway, so if one lies with a much higher price and gets away with it, they are paying the premiums to insure that higher value bike anyway.

November 11th, 2010, 03:37 PM	#1
gitoy ninjette.org guru Name: gitoy Location: rpv, ca Join Date: May 2009 Motorcycle(s): 04 ninja 250, 05 zzr 600 (sold), 07 cbr600rr Posts: 319	just got a 07 cbr600rr and insurance question... hi guys and gals, i just got a cbr and now i am paranoid about it getting stolen... here are some pictures... IMG_2403 by gitoy, on Flickr IMG_2406 by gitoy, on Flickr IMG_2412 by gitoy, on Flickr it has 8,300 miles and paid $4,300 from a private party... AAA quoted me $328/yr for full coverage and took it and told them i paid $5,500...i can transfer the title through AAA and was wondering if i could still fudge the sales price when i have to pay the sales tax...like could i now say oh i only paid so and so?... lol, this purchase just about broke me..

November 11th, 2010, 04:04 PM	#4
8gauge ninjette.org member Name: Adam Location: Guam Join Date: Oct 2010 Motorcycle(s): 2010 Kawasaki Ninja 250R Limited Edition - R.I.P. 12/2/2010 Posts: 140 Blog Entries: 1	I'm hoping to get a CBR600RR for my next bike. That is one sexy bike. Good luck on your insurance. __________________________________________________ "Your truth, is not my truth" -Bruce Lee

November 12th, 2010, 11:11 AM	#6
TonyKZ1 ninjette.org member Name: Anthony Location: Marble Hill, MO Join Date: Dec 2008 Motorcycle(s): 1975 Kawasaki KZ400D (Sold), 1989 Kawasaki Ninja 250 (sold), 1997 Yamaha XJ600s Seca II Posts: 231	I think I'd let them know the correct price you paid for it, but that's just me. It might save you problems later on. I'm not sure how much of a difference it'll make on the sales taxes and all that. Tony __________________________________________________ 1997 Yamaha Seca II - mostly stock, Racetech upgraded forks, FZ6R rear shock, Oxford Heated Grips, Barkbusters Blizzard Handguards, a Scottoiler vSystem chain oiler. My Mileage Tracker Page.

November 12th, 2010, 11:29 AM	#8
dubojr1 ninjette.org certified postwhore Name: Jason Location: Jacksonville, Florida Join Date: May 2010 Motorcycle(s): 09 Ninja 250R SE, 07 Honda CRF230F, 06 Honda CRF150F Posts: A lot.	I lied about sales price one time....learned my lesson. I'm not sure how Florida does it but they allow you to write what you paid for it on the title. Here we don't even have to sign in front of a notary. Downfall came one day in form of a letter form the State of Florida DMV. Letter said that their research showed that the submitted value was lower than average and was now requesting a Bill of Sale for proof of what I paid for it. No big deal right....wrong. Failure to produce a BOS and a penalty was accessed in the amount of $500 plus the remainder of the tax that should have been paid in the first place. Grand total was like $860. I guess as long as you and the seller are on the same page, you may can pull it off. IMHO....it's not worth the risk. __________________________________________________ 09 250R SE: Paying it forward one post at a time! Don't forget to add yourself to our Member Map

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November 11th, 2010, 03:44 PM	#2
Nemesis CVMA #74 WSMC #750 Name: Nemesis Location: On the track Join Date: Oct 2009 Motorcycle(s): All of them Posts: A lot.	Yes you can but you know how that goes... You paid $4300 and the bike has 8300 miles? Was it salvaged? Did you check the bike thoroughly cuz that's awfully a low price. If everything checks out good, good for you!

November 11th, 2010, 03:53 PM	#3
gitoy ninjette.org guru Name: gitoy Location: rpv, ca Join Date: May 2009 Motorcycle(s): 04 ninja 250, 05 zzr 600 (sold), 07 cbr600rr Posts: 319	the bike has been dropped on the driveway...but the bike has a clean title...only problem is the exhaust has been debaffled and it is loud... my concern is i got the full coverage and told them i paid $5,500 when in fact i only paid $4,300...will AAA give me a hassle if i make a claim...if i say i only paid $3,000 so that my sales tax is lower when i transfer the title... anybody have any experience or opinion on this?...

November 11th, 2010, 04:08 PM	#5
TrueFader ninjette.org member Name: Chris Location: California Join Date: Apr 2010 Motorcycle(s): '08 250 Posts: 129	i'm not sure how many people on this forum will usggest commiting fraud, but got for it and let us know how it turns out

November 12th, 2010, 11:53 AM	#9
johnjohn ninjette.org member Name: John Location: Caledonia, Ontario, Canada Join Date: Jul 2010 Motorcycle(s): Honda, Buell, Kawasaki, Suzuki, Yamaha Posts: 170	Works the same way in Ontario Canada. Need to be on the same page and keep your BOS etc. Sellers phone number is handy to if you need to make a heads up call.

November 12th, 2010, 01:07 PM	#10
HKr1 IC2(SW) Name: Kerry Location: Pensacola Join Date: Nov 2008 Motorcycle(s): . Posts: A lot.	328 a year for full coverage? I dont know how you guys get such low rates Insurance company doesnt care what you paid for it. They will only give what the book value is........ Nice looking bike thou, the white looks really slick

November 12th, 2010, 01:55 PM	#11
FrugalNinja250 ninjette.org certified postwhore Name: Frugal Location: Dallas/Fort Worth (DFW) Join Date: Mar 2010 Motorcycle(s): Several Posts: A lot.	Price you paid is unimportant to the insurance company. They pay claims based on market value of the bike at the time of the claim regardless of whether you paid $5,000 or $5. As far as sales tax goes, just get a bill of sale signed by both showing how much you paid and submit that. Be thankful you don't have a presumed value crap system like Texas does. Here you pay tax based on what the state presumes you paid for it, no matter what you really paid for it, and that presumed value is based on a perfect bike in perfect condition. If it was a burned down pile of crap you bought for $20 scrap value you'd still pay full tax on it at 6.25% times full price.

November 12th, 2010, 02:11 PM	#12
sharky nrk Fighting Texas Aggie '05 Name: Neil Location: Hutto, TX Join Date: Feb 2009 Motorcycle(s): '07 ZX6R, '08 Versys, '09 250R Track, '93 F2/F3 Track Posts: A lot.	That is a beautiful bike, may be the best looking color scheme for the 600RR ever, if I was to have one that would be it. On a side note, fraud is immoral and illegal.

November 12th, 2010, 02:33 PM	#13
Boom King So, where's the reverse? Name: Anson Location: Ontario, Canada Join Date: Nov 2010 Motorcycle(s): 2009 Kawasaki Ninja 250R Posts: A lot.	If you already took the policy and told AAA an inflated price, what's the point of this question now? Unless you think you can call them back and adjust the price to its correct sale value without looking fishy. Another thing to consider is if your insurance company charges premium based on the value of your motorcycle. I know mine does, so even though you inflated your purchase price, AAA may be charging you a higher premium also. The consequences of getting caught with this can also be pretty damaging. Having your insurance policy cancelled because of fraud or material misrepresentation will be noted on your insurance record for a long time and depending on your state may even carry other fines or penalties. Try getting a new insurance policy after having a misrepresentation charge on your record. It's like trying to get rid of a bad tattoo you got after drinking too much one night. It will be a long, painful and very expensive process. Anyways congrats on your new bike, it looks pretty sweet.

November 12th, 2010, 02:49 PM	#14
gitoy ninjette.org guru Name: gitoy Location: rpv, ca Join Date: May 2009 Motorcycle(s): 04 ninja 250, 05 zzr 600 (sold), 07 cbr600rr Posts: 319	just got back from AAA and paid the sales tax on $5,500... the $328/yr full coverage was so good that i didn't mind...