Having trouble getting a motorcycle insured

The issue is that it's in an estate. The owner is dead and we are the executors of the estate (there is no connection of his death to this or any other motorcycle). We have all the legal paperwork to show we are the executors of the estate.

The bike is unsaleable due to issues with the bank so I've decided I might as well ride it as let it just sit and rot. It's been stored for 2 years now.

State Farm is over $300 a month and neither Dairyland or Makel American will insure it while it's in an estate.

Anyone have any bright ideas about getting insurance?

depend on the year.... If old enough it can be sold to a few states and then temp reg and sold back to you with a valid reg from another state that don't ishue titles your state must take the reg as proof of ownership.

44

Unless I'm completely misunderstanding you, it's not possible in Texas. And remember we have issues with the bank. They won't release it and they won't come get it.

What I'm looking for is a way to insure as-is. It could be a year or more before there's a resolution so I might as well have some fun.

This wasn't an issue with the cars in the estates so I didn't expect an issue on the bike.

Right the bank forgot about that part.. Think your screwed. You'd have to sell it to someone (like yourself) as you are the executors but then the buyer who have to pay off the bank for the release.

It's a weird problem that will probably take the better part of a year to work out so all I want to do is get insurance so I can ride it.

Depending on what is going on with the estate, you may well have no legal right to enjoyment of that particular piece of property.

State Farm is $300 a month for you? I pay them $14 a month for the Bandit

Insurance. Pffffffftt!

Is there a lein on it? Why won't the bank let it go?

Dan

foxtrapper wrote: Depending on what is going on with the estate, you may well have no legal right to enjoyment of that particular piece of property.

And if there is any "drama" amongst the possible heirs, illegally riding an estate owned motorcycle with no insurance could be used as grounds to remove you as executor.

Did you try Progressive? I wouldn't insure a car with them, but my bike policy is about $80 a year with them (Allstate wanted over $400 to add it to my auto policy), and it took me about 15 minutes to set it all up online.

Hocrest wrote:

foxtrapper wrote: Depending on what is going on with the estate, you may well have no legal right to enjoyment of that particular piece of property.

And if there is any "drama" amongst the possible heirs, illegally riding an estate owned motorcycle with no insurance could be used as grounds to remove you as executor.

No drama and we've enjoyed 2 of his cars till they were sold with no insurance drama.

State Farm said they weren't competitive on this kind of motocycle (Ironhorse chopper) and the others said they only write insurance on the registered owner.

The only drama is with the lien holder (a big bank) who won't release the lien nor accept a payment. We have the same issue with the bank on a boat. Recreational vehicles are down in value now and financing is limited. I'm thinking they'd rather store them at my place than theirs and have to put vehicles with losses on the books. If I store them and they pick them up when the market changes then they come out ahead. Or at least that's my take.

I haven't tried Progressive, but I was hoping from some sage words of wisdom from someone who's seen people get insurance in this situation before I polluted the waters at Progressive too. I don't want to say it the wrong way and have them turn me down.

If payments are due, they aren't going to release a lien. Dead person or not, money is due. It is not in their best interest to accept less than full payment.

But then you say they won't accept a payment. What do you mean? They refuse to accept any payment on the debt? Or that they won't accept a partial payment as payment in full?

There's more to this story than is being presented.

I have no BTDT advice for you.

But, while phoning the lizard to get insurance, I've been asked who "owns" the vehicle. Actually, I think they ask "Who will be only title" or something like that...FUTURE tense. Myself and many others have gotten insurance on a vehicle to drive it home before transferring the titles and getting registered.

The situation would be no different for you. You need insurance on it. Forget the title issue.

[coy mode]
You fully intend to title the vehicle. You don't have any idea there might be issues getting the title, do you?
[/coy mode]

Please don't take this as advice...it's probably bad (will you be covered if there's an accident and are not the titled owner? I don't have a clue). But it is one scenario that came to my mind.

Clem

foxtrapper wrote: If payments are due, they aren't going to release a lien. Dead person or not, money is due. It is not in their best interest to accept less than full payment. But then you say they won't accept a payment. What do you mean? They refuse to accept *any* payment on the debt? Or that they won't accept a partial payment as payment in full? There's more to this story than is being presented.

No there's not. They won't work with us at all. They won't finance the sale of either. They won't accept a short sale even tho we've presented them with 5 at above market value for both & they refuse to repossess. I've sent numerous certified letters and had 3 representatives from BofA out to my property.

So until they do I'm left storing the merchandise. But that's neither here nor there, the issue is how to get insurance on the bike?

I did it on 2 cars with no issues and we drove them till we sold them. For some reason the bike is different even tho it's exactly the same situation of the estate insuring the vehicle.

All I'm looking for in how to approach an insurance company. Nothing else matters.

Are you trying to get insurance in your name or the Estate's name? And what about the insurance companies that insured the cars? I don't know estate law, and FT certainly does, but can't you, as executor, "loan" or "rent" the vehicle to whoever you want? Seems to me, and again, I ain't a lawyer, that a simple "I, carguy123, representing the Estate of Mr.X, lease this vehicle to carguy123 for the sum of $50/year..." agreement, then you're the lease-ee and you can tell whatever insurance company that you're leasing this bike and need insurance. I assume there's a lawyer in this picture somewhere, so run it by them.

Trying to get insurance in either my name or the estate's.

In the past I've gotten it in my name when the vehicle is in my care and possession. I've done this several times (both friend's vehicles and in this estate) and this is the first time it's ever been an issue. I'm not sure what the difference is that is creating the problem

I am not a lawyer either, but I believe your insurance problem is the bike isn't a standard Harley/Ducati/Jap/etc bike....

I personally to move this along, as executor of said estate, would bill the bank back for storage fees. Clearly state, you, as the bank, are dragging your feet causing "hardship" on us. I don't care if you have 5000 acres available to store said property, you need to move this process along. Or you will forever hold onto property until it either has no value to anyone or for the bank to profit at your expense for free.

JMO.

I've asked that question and both Dairyland and Markel said it was their policy to only issue policies to the person on the title.

This is a little more of a showbike, but apparently that isn't the issue. Come to think of it at Markel we didn't even get into what kind of bike it was. I asked THE question first.

I'm with Ranger. Charge them a lot. BOA has something up their sleeve.

spitfirebill wrote: I'm with Ranger. Charge them a lot. BOA has something up their sleeve.

Is Ranger an insurance company?

Charge them a lot? Do you mean storage fees? (I'm definitely checking that out Monday)

I'm not sure if BOA has something up their sleeve or is just a sleezy outfit.

My own banker wouldn't make a loan on it because BOA was the lender. He knew me, but said it still wasn't worth the hassle to get involved with BOA.

I figure when things cool off and it's OK to have another repo'd vehicle they will have trouble selling on their books I'll hear from them. I'm betting it will be a year or more. Boats & motorcycles have not been the best investments in the past 3 years.

carguy123 wrote: Is Ranger an insurance company?

Nope, just me. If I was if a party was insured by me, they would find out how bad defrauding insurance companies would be. Although I probably would be like Lloyd's of London on insuring anything of value.

carguy123 wrote: Charge them a lot? Do you mean storage fees? (I'm definitely checking that out Monday) I'm not sure if BOA has something up their sleeve or is just a sleezy outfit.

You bet! Make it so they want to get rid of the property in question. They would do the same to YOU, if the situation was reversed.

BOA is one of those big banks that should have berkeleying failed, but the Overlord didn't want that to happen. They definitely fall into the up the sleeve and a sleezy outfit rolled into one.

carguy123 wrote: My own banker wouldn't make a loan on it because BOA was the lender. He knew me, but said it still wasn't worth the hassle to get involved with BOA. I figure when things cool off and it's OK to have another repo'd vehicle they will have trouble selling on their books I'll hear from them. I'm betting it will be a year or more. Boats & motorcycles have not been the best investments in the past 3 years.

I wonder why.... because BOA is a bunch of doucebags?

Be PROACTIVE, since you want it off YOUR books.

carguy123 wrote:

foxtrapper wrote: If payments are due, they aren't going to release a lien. Dead person or not, money is due. It is not in their best interest to accept less than full payment. But then you say they won't accept a payment. What do you mean? They refuse to accept *any* payment on the debt? Or that they won't accept a partial payment as payment in full? There's more to this story than is being presented.

No there's not. They won't work with us at all. They won't finance the sale of either. They won't accept a short sale even tho we've presented them with 5 at above market value for both & they refuse to repossess. I've sent numerous certified letters and had 3 representatives from BofA out to my property. So until they do I'm left storing the merchandise. But that's neither here nor there, the issue is how to get insurance on the bike? I did it on 2 cars with no issues and we drove them till we sold them. For some reason the bike is different even tho it's exactly the same situation of the estate insuring the vehicle. All I'm looking for in how to approach an insurance company. Nothing else matters.

So they will accept full payment, but you / the Estate is offering them less than full, right? If you offered them full payment, they have to take it. If you're willing to let them repossess it and are sick of it sitting in your possession, park it in a tow away zone and let nature work it's magic.

Datsun1500 wrote: Can't you send them notice that if it is not picked up within 30 days you will consider it abandoned? I would, then file a mechanics lien and get a free bike. I bet if you do it by the letter of the law you will end up owning it...

As I understand it that's not allowed in Texas, at least on vehicles that aren't having work done on them. I did look into storage abandonment a little while ago and was told only registered storage facilities could seize the vehicles.

DILYSI Dave wrote:

carguy123 wrote:

foxtrapper wrote: If payments are due, they aren't going to release a lien. Dead person or not, money is due. It is not in their best interest to accept less than full payment. But then you say they won't accept a payment. What do you mean? They refuse to accept *any* payment on the debt? Or that they won't accept a partial payment as payment in full? There's more to this story than is being presented.

No there's not. They won't work with us at all. They won't finance the sale of either. They won't accept a short sale even tho we've presented them with 5 at above market value for both & they refuse to repossess. I've sent numerous certified letters and had 3 representatives from BofA out to my property. So until they do I'm left storing the merchandise. But that's neither here nor there, the issue is how to get insurance on the bike? I did it on 2 cars with no issues and we drove them till we sold them. For some reason the bike is different even tho it's exactly the same situation of the estate insuring the vehicle. All I'm looking for in how to approach an insurance company. Nothing else matters.

So they will accept full payment, but you / the Estate is offering them less than full, right? If you offered them full payment, they have to take it. If you're willing to let them repossess it and are sick of it sitting in your possession, park it in a tow away zone and let nature work it's magic.

No, even with full payment none of the other banks will do a loan with BOA being the lender. BOA apparently is notorious for not following up on their end of the bargain. They say it is next to impossible to get the lien released by BOA