jbone Posted July 1, 2017 Share Posted July 1, 2017 Paid the bike off recently and called up Liberty Mutual to get my bank off my insurance info and I also expected my rate to go down. The rep said it had no effect on my rate , which threw me off since most insurance rates go down once cars / trucks are paid off. Anyone have their rate drop after payoff or is it just my company? Link to comment Share on other sites More sharing options...
bigdaddybane Posted July 1, 2017 Share Posted July 1, 2017 Don't know in US but in Canada it makes no difference whatsoever ... Link to comment Share on other sites More sharing options...
Premium Member DewMan Posted July 1, 2017 Premium Member Share Posted July 1, 2017 Paid the bike off recently and called up Liberty Mutual to get my bank off my insurance info and I also expected my rate to go down. The rep said it had no effect on my rate , which threw me off since most insurance rates go down once cars / trucks are paid off. Anyone have their rate drop after payoff or is it just my company? It's not like the bank was a rider of the bike. If anything I'm surprised they don't go up once it's paid off since some people are less careful with stuff once it's paid off. DewMan Just shut up and ride. Link to comment Share on other sites More sharing options...
Global Moderator mjh937 Posted July 1, 2017 Global Moderator Share Posted July 1, 2017 I have not had my rates change when I have paid off vehicles. I suspect it is because the cost to repair or replace the vehicle does not change because it is paid off. Link to comment Share on other sites More sharing options...
kbob2000 Posted July 1, 2017 Share Posted July 1, 2017 The only reason insurance would go down is if you lowered the coverage to liability only. Now that there's no lien, the bank doesn't require full coverage. Link to comment Share on other sites More sharing options...
Beemer Posted July 1, 2017 Share Posted July 1, 2017 I don't ever recall an insurance company being nice to me. I've gone for years and years with no accidents (and no decrease in cost) and if anything, my rates go up along with cost of living increases. Beemer Link to comment Share on other sites More sharing options...
jbone Posted July 1, 2017 Author Share Posted July 1, 2017 Interesting. When I paid off my truck my rate went down about $8 a month effective immediately. And that was with no coverage changes - to my knowledge. Maybe I had a Gap coverage I didn't know about. Oh well, I'll keep giving my Ins. Co my guap. Link to comment Share on other sites More sharing options...
level41 Posted July 4, 2017 Share Posted July 4, 2017 In Fl we don't need motorcycle insurance. However, with car insurance, once it's paid off, you can change the insurance from 'full cover' to 'pip only', which is between 25-50% cheaper. Your vehicle won't be covered in case of an accident though... PIP in FL for motorcycles, is very cheap. Depending on the bike, it's like $75 annually, for $10k coverage, and $78 for $50k annual coverage (property and bodily injury). Link to comment Share on other sites More sharing options...
Premium Member avanti Posted July 10, 2017 Premium Member Share Posted July 10, 2017 kbob2000 said it all. Only liability is much cheaper (for anything) than liability, comp, and collision; plain and simple. Link to comment Share on other sites More sharing options...
USMCFieldMP Posted July 10, 2017 Share Posted July 10, 2017 I used to think that it went down after paying it off as well, but that doesn't seem to be he case. What is confusing to me, however, is that my motorcycle insurance is cheaper with myself and my wife on it, versus me alone. I added her when I got her a Grom; Grom got stolen, called to remove her from insurance, they said my rates would go up. So, my rates are cheaper for one bike with two riders versus one bike with one rider... even though she is on record as having no license and having not taken any safety course. Something to look into for all you married riders that are solo on your motorcycle insurance. (FYI, I have Progressive) Link to comment Share on other sites More sharing options...
Global Moderator mjh937 Posted July 11, 2017 Global Moderator Share Posted July 11, 2017 That is an interesting point @usmcfieldmp. I do not know if my wife is on my motorcycle insurance but as it was originally registered in only her name (I was away when it arrived at the dealership so she bought it) I think she must be. My rates for the motorcycle are pretty cheap with State Farm. Link to comment Share on other sites More sharing options...
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