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What happens if I don t pay for my car insurance?

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I have a new motorcycle and the payments are more than the motorcycle payments, almost double. I only have a permit but what if I decide to not pay for my insurance and they suspend my registration. Will I have to pay a fee to renew my registration or is there a penalty to pay as well to the DMV? I m not referring to the Insurance as I plan to pay what they want for the month charge then cancel it. I already supposedly payed for half a year but idk why they re charging again two months later. To put Into perspective my bike is worth 4k, my Insurance is 2089 for a year. If that isn t robbery idk what it.

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asked Jul 29, 2017 in Cars and Transportation by oklatom

3 Answers

0 votes
Why didn't you check out all this *BEFORE* you went out and bought a motorcycle?
Registration is not your problem. Insurance and getting in over your head is your problem.
If you don't pay the insurance, the lender will buy collision and comprehensive for you and you will be charged for that insurance and it will cost 3 or 4 times what you are presently paying......Do *NOT* let that happen !

If you are in over your head (sounds as if you are), sell the motorcycle.
answered Jul 29, 2017 by Entidtil
0 votes
Forget the registration fees, you've got bigger problems on your hands. Lemmy break it down for you.

Your insurance costs a lot because you're young and newly licensed, because kids with brand new licenses crash more often than anyone. Your insurance suddenly costs more than the estimate you received because you didn't give the insurance company all the information they asked for. When they found out the real information, they re-issued your policy at the higher price.

If you stop paying the insurance company, not much will happen. They'll send you a letter telling you that the policy will be cancelled for non-payment, and then they'll cancel the contract. Your lender will also get a copy of the cancellation letter, and they'll come after you with everything they've got.

When you signed the finance agreement, you agreed (it's in the contract) to carry valid insurance until the loan was paid off. As soon as your insurance coverage expires, their lender's contingency coverage will kick in. The lender will add the cost of that insurance to your loan payments, and it will cost a lot more than your motorbike policy did. And if you refuse to pay them, they'll come and repo your bike.

All that will happen before the DMV even knows what's going on.
answered Jul 29, 2017 by Obi Wan Knievel
0 votes
if you are financed, first of all the bank that holds your loan will find out and take out an even more expensive full coverage policy for you and tack it on your bill .. you cant escape the insurance if you are financed .. as far as your registration goes, you need to turn in your tag if you lapse on insurance or they'll suspend your license .. what you can do is shop around for a better deal on insurance, im sure you could find something better, talk to some motorcycle guys in your area ...
answered Jul 29, 2017 by Michael
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