Sharing Motos

[ThumperX]

Just an FYI with respect to insurance.
Most policies will cover permissive use; however, in the event the person borrowing the bike causes damage it is you who will be dinged in the future for policy increases.

Most motorcycle policies DO NOT wrap collision and comprehensive to a borrowed bike.

Talk to you carrier before allowing someone to borrow your bike.

As for the idea of a lending stable, how about setting it up like a yacht club?

 

[NTron3000]

most major insurance policies follow the vehicle and the Insured (the owner of the policy)...there is a difference between being a driver on a policy and actually being the Insured...most policies will follow the Insured for any vehicle not in their name, but always as secondary to the vehicle's insurance

This is true for most car insurance but not for motorcycle insurance. Almost all motorcycle insurance only covers the owner/insured - no following rider to other bikes or bike covering whoever is on it stuff. That is the primary reason every test rides when buying or selling is cash in hand. Don't know about the being covered by other ins right after purchase or adding folks to the policy as others have mentioned but I should look into that next time my pops comes down for a ride (for some reason he prefers to ride my bike rather than the Harley...)

 

[planegray]

Put my name in the hat for consideration.

Thank you for the vote of confidence Marc


your post makes me think of another important consideration (besides liability/insurance) .... Location, location, location.

SummerLove's situation is ideal, because the location of the bikes is convenient for all.

Just an FYI with respect to insurance.
Most policies will cover permissive use; however, (1) in the event the person borrowing the bike causes damage it is you who will be dinged in the future for policy increases.

Most motorcycle policies DO NOT wrap collision and comprehensive to a borrowed bike.

Talk to you carrier before allowing someone to borrow your bike.

As for the idea of a lending stable, (2) about setting it up like a yacht club?

As a (former !) insurance professional, your input is especially appreciated

For (1) will there also be a ding, if (a) the insured bike itself is damaged (single vehicle accident) and/or (b) the borrower gets a ticket ?

(2) I don't know how yacht clubs are set up

 

[Gixxergirl1000]

Hush, you.

PG, That's an excellent question. I am pretty sure that my insurance policy would cover me on a borrowed bike, but I would have to ask to make sure. I know that some insurance follows the vehicle and some follows the bike. As others have said, perhaps adding additional drivers to the policy would work. No clue how that would affect the premiums, though.

I think I'll have a chat with my State Farm agent tomorrow to see what her take is on it.

Many years ago, I worked for Farmers at their regional headquarters. I did adjustments to Personal Lines of insurance (as opposed to commercial). Rule was whoever had the crappiest driving record or was the highest risk driver was what set the premiums, like when parents have an 18 year old son on their policy... their rates skyrocket because 18-23 year old males are the Worst Drivers EVAR.
I would expect that having multiple people on a policy would result in higher premiums, because odds are good someone is going to have a point on their record, or be in a higher-risk category.

 

[Lunch Box]

I would hate to give up one of the few advantages to being old and married.

 

[stan23]

This true, it is a roommate situation but it was the easiest way to make sure every combination of vehicle + operator was covered and it's worked for a year so far. Right now primary on each vehicle pays the cost of that vehicle.
I am curious how it could reason all our premiums at a later day if we had separate policies later?

You have an insurance policy history (much like your driving record) it follows you no matter which company you go with.

So for example - your roommate rides your bike and totals it. No big deal, right? you didn't do it.

Well years later when you decide to move out and get your own place and policy, that accident that your roommate had on your bike will count against YOU.

 

[ahnh666]

not sure where you got this from, but this is false...the worst they can do is ask who this person is and put them on your policy (charge extra if that person has a worse driving record) or request you sign an exclusion that this person will never operate your vehicle and insurance company will not cover any accidents caused by that person...

You have an insurance policy history (much like your driving record) it follows you no matter which company you go with.

So for example - your roommate rides your bike and totals it. No big deal, right? you didn't do it.

Well years later when you decide to move out and get your own place and policy, that accident that your roommate had on your bike will count against YOU.

 

[stan23]

not sure where you got this from, but this is false...the worst they can do is ask who this person is and put them on your policy (charge extra if that person has a worse driving record) or request you sign an exclusion that this person will never operate your vehicle and insurance company will not cover any accidents caused by that person...

So you're saying in my theoretical situation of someone else crashing your vehicle (where said person is listed as an operator) on your policy, and you go out and get another policy, they won't care about the person who crashed your car?

 

[ahnh666]

they will see it on the history and question you about this person...if you explain that he/she is a former roommate and does not live with you or have access to your vehicle anymore, they may just leave it at that....if they suspect anything or there are more than one incidents in the past, they will want to put that person on the policy and charge you for that person regardless, or they will want you to sign an exclusion that they will not cover any accidents caused by that person...

another option i didn't mention they might give you is...to provide a copy of that person's insurance policy with their own vehicle at every policy renewal...than, they will not charge extra and not require an exclusion paperwork....

they also do this for husband and wife that for some reason want to keep separate individual policies...they do not want each other affecting their individual policies...they both need to provide copy/proof that they have an active individual policies every single year....

So you're saying in my theoretical situation of someone else crashing your vehicle (where said person is listed as an operator) on your policy, and you go out and get another policy, they won't care about the person who crashed your car?

 

[stan23]

they will see it on the history and question you about this person...if you explain that he/she is a former roommate and does not live with you or have access to your vehicle anymore, they may just leave it at that....if they suspect anything or there are more than one incidents in the past, they will want to put that person on the policy and charge you for that person regardless, or they will want you to sign an exclusion that they will not cover any accidents caused by that person...

another option i didn't mention they might give you is...to provide a copy of that person's insurance policy with their own vehicle at every policy renewal...than, they will not charge extra and not require an exclusion paperwork....

they also do this for husband and wife that for some reason want to keep separate individual policies...they do not want each other affecting their individual policies...they both need to provide copy/proof that they have an active individual policies every single year....

Doesn't this depend on the company? What company do you work for?

 

[EjGlows]

Stan, why you make sense?

 

[Jiggles]

I asked my agent if my dad would be able to ride any of my bikes and still be covered. He told me that as long as the person riding my bike had my permission to do so then they would be covered.