Car insurance questions?

i have a bike financed under my name so the title is under my name but my friend is the primary driver of the bike so the insurance is under my friend%26#039;s name. what would happen if the bike gets stolen or totaled?? do I get a check totaling the value of the bike or does my friend get it?? what would the situation be. thanks

Car insurance questions?

As far as I know whoever has and pays the insurance would receive the check. You may want to work out something with your friend where you are both on the insurance and both pay for part of the insurance.

Car insurance questions?

You need to have his insurance company list you as a titleholder of the bike so that the check would come to you and not your friend. Otherwise, get a policy with you as a named insured, but list him as a driver on it. Either way would work.

Car insurance questions?

Personally if I was handling the claim and knew the situation, I%26#039;d just put both names on it. One to show I paid the policy holder as required and the second to show I paid the owner. Done deal for the insurance company... as all bases are covered.

If they don%26#039;t know you own the vehicle, just the insured%26#039;s name would be on the check (would not be the case in the total)