moto insurance policy question plz help

so to get to the point i bought my wr250r im making payments on it and i just had shoulder surgery and wont be able to ride for like a year... so what do i need to ask the insurance company to do?? they said i cant just drop the coverage because im making payments on the bike so after they did,,all they can do,,,, as she says it went down from like 406 to only 380 or 390 sumn i think thats a little steep for something thats going to be sitting in the shed.. im young and new to all this lol..

For the first 2 years I had full coverage insurance on my WRR ,which was over $300 a year,,last year I dropped it down to basic liability coverage and that's around $90,,,,,,big difference...I'm pretty sure you have to keep the full coverage if you're making payments.i think the insurance company is looking at it as what would it cost to replace it from theft or fire damage vs. wether you are riding it or not,,,I'm not sure ,, just my 2 cents.........good luck ,,,,Jason

Around here...I would take it off the road and put "Fire and Theft" on it 'till further notice.
If the price difference was what you stated...I would be dissapointed too, and start shoppin.
Insurance companies have a way of getting Their money...o ya, and life sucks.

Lower the coverage to as low as they will let you go. The $380 a year (or every six months, whatever your term is) is something you'll have to pay as long as you have it financed.

You could shop other insurance companies too, maybe one will have a lower rate.

Or you could sell the bike. Especially if you're not going to ride it for a year. Up to you though.

i dont really want to sell it i just bought it and it took me forever to find lol :) so its not looking like there is much i can do im 22 so its hard for me to get it any lower with another company thats for a full year by the way.. i thought that there was a specific thing where its still insured but since ur not riding it it was a really cheep payment kinda like if u took a car off the road or sumn i have no idea how insurance works LOL.... thanks alot guys i dont really have much of a family that can help me with this

Sometimes, if you take a vehicle off the road...it can be included on your house/dwelling insurance...which alotta the time, is cheaper than auto insurance.
A serapate "rider" agreement on a housing policy may cover it?...cheaper?...
...You need better advice than I can give ya...good luck.

Well, where the insurance company is coming from is that since it's financed, the bank wants their property protected against theft, fire, etc. In addition to that type of coverage, you also have collision and other types of coverages the bank requires you to have. What I would suggest is that if you have any coverage in excess of the minimum required amounts, that you see how much you can save if you reduce it to the minimum levels.

Like, if you have 100/300/50, maybe you can reduce it to 15/30/5.

All depends on your state & the bank though.

Motorcycles that are legal to drive on public roads in most cases are excluded from a homeowners policy and will provide no coverage in the event of a loss. Some states like Florida for instance doesnt require you to carry insurance on a motorcycle to register the bike and can legally drive with out it. Depending on the insurance company, finance company, and state requirements for registration, you might just be able to drop all the liability coverages on the bike and reduce it to collision and comprehensive only to satisfy the finance company. Some finance companies however if you advise them that the vehicle is in "storage" and will not be used, will allow you to carry comprehensive coverage only. If they will allow that it should drop the cost for the insurance while the bike is idle considerably! If your state requires you to carry liability coverage you would then have to surrender the registration/plates until your ready to drive again. In that case you also have to consider the cost to re-reg the bike when your ready to drive again vs keeping the plates on with coverage on the bike...Get on the phone, talk with both the ins co and the lien holder and see what the min you can carry while the bike is in storage and not being driven. Hope that helps.