vehicle ins question (sorry not sure if it belongs in the "insurance" forum)

[IamOld]

Guys, we are surrendering a motorcycle to creditor in Ch 13...it's been repoed like a week before the bk filing...BUT still registered to us at DMV...can I at least drop everything off of it except liability? Lender submitted claim for the whole thing as secured.

Any suggestions? How long before I can stop paying for ins on this thing??

[LadyInTheRed]

I'd at least reduce it to liability. The lender can't hold you responsible for damages to the bike after they repossess it. In CA, you can file a notice of non responsibility with the DMV. Check to see if that is an option for you.

[IamOld]

Lady, thanks so much - I will call the DMV on Monday - every penny counts!!! (I feel Ch 13 guilt :-) Spent about $50 on kids soccer stuff this weekend...

[andy158]

Had a boat and motorcycle repoed after confirmation ( we surrendered them when we filed, considered luxury items) and we kept the insurance on them until the day the bank picked them up. When they are in your posession you are liable for the property(s) even though you are surrendering them.

We let the plates and registration expire on them a year before that. In WV you can not drop the insurance and keep them registered and licensed. The sheriff comes to your residence and demands the plates.

[IamOld]

Had a boat and motorcycle repoed after confirmation ( we surrendered them when we filed, considered luxury items) and we kept the insurance on them until the day the bank picked them up. When they are in your posession you are liable for the property(s) even though you are surrendering them.

We let the plates and registration expire on them a year before that. In WV you can not drop the insurance and keep them registered and licensed. The sheriff comes to your residence and demands the plates.

THANKS!!! Right - my problem is that when they repoed it, like an idiot, I didn't take the plates off - had I taken the plates off, I could just surrender the plates and be done with it...BUT DMV still has it registered in my name...so at least I'd like to drop it to the legally required minimum...