Landmark CU Motorcycle Insurance BS

[BoosTT]

The bank is making me keep full coverage on my motorcycle, rather then just comprehensive while its stored. This is a difference of like $65/month... the same as my loan payment.

I know others have been in this situation... how did you fix it? Insurance is state farm, btw.

[Crawlin]

keep it on. It's state law that you are required to have full coverage insurance on any vehicle still financed.

It is funny though, cause I've talked to them before about this situation and the Landmark rep said just to notify them when it get's put in for storage.

[Nix]

^^What Chris said.

Only way around it is to pay off the loan/lien.

You MUST have FULL COVERAGE on any vehicle/machine in this state. Typically they will check ever once in awhile to make sure and if they catch ya without it or you dump the insurance to get new they will sometimes even contact the lender and notify them of that.

[johnny--2k]

Yup, I just refi'd my car at Guardian and they said I have to keep full coverage INS even if it is stored.... Whatever, I dont really care, rather safe than sorry...

[BoosTT]

shit! this is like $400/year wasted. I could have sworn some people have gotten around this before by saying it was just a different type of insurance.

[Jeff]

I have my mustang financed through Landmark Credit Union and I was able just to place comp insurance on it (I have AAA insurance). I went in after I received a letter when I changed my insurance and I just had to sign a form that says the vehicle will be in storage from this day to this day. This is the second car I have done this with through Landmark. I've never had a problem...

[0TransAm0]

bullshit.. have state farm print out a letter saying its covered. and you agree not to drive it during the time its in "storage" if its stored at your house it will be covered by homeowners ins. i have state farm(for 10 or so years now) and my bank sent the same BullShit letter saying i need full coverage... just have statefarm mail them a letter and all will be good.

[0TransAm0]

I have my mustang financed through Landmark Credit Union and I was able just to place comp insurance on it (I have AAA insurance). I went in after I received a letter when I changed my insurance and I just had to sign a form that says the vehicle will be in storage from this day to this day. This is the second car I have done this with through Landmark. I've never had a problem...

this is pretty much what im talking about..


don't let them fuck with you... call them and explain it. and all will be good.

[pOrk]

Pay it off, there's no reason it shouldn't have full coverage if someone else paid for it so you could enjoy it.

[0TransAm0]

Pay it off, there's no reason it shouldn't have full coverage if someone else paid for it so you could enjoy it.



no need for FULL coverage if its not being riden tho... why pay for collision and medical if you don't have to....

[Nix]

no need for FULL coverage if its not being riden tho... why pay for collision and medical if you don't have to....

All the loans I've ever had made it a requirement to have full coverage on it regardless if it was being stored or not. So I guess they have been pulling a fast one on me. :eek:

[Jeff]

Nix... Maybe, but both times I have dealt with it I have been able to take full coverage off.

[pOrk]

I could see taking medical off, but collision covers more then just if you crash it.

[JaMichaels]

It works for me, just call my company and say the thing won't be ridden till whenever, and they reimburse me for the months I already paid for minus the comprehensive rate.. (Paid the year in full)


I think its only illegal in the state of WI to operate a vehicle carrying a lien, without a full coverage policy.

What else could collision possibly cover other then a crash?

[0TransAm0]

I could see taking medical off, but collision covers more then just if you crash it.

like what?? somebody driving up your driveway and crashing into your garage or shed and hitting the bike???

[Crawlin]

you think $400/year is wasted?

wait till you don't follow up with them and they end up putting forceplaced insurance on the bike while you just have "storage insurance" on it.

That will be $1200. Seen it happen to customers before.

[jakedrew]

I agree with JAmicheals 100%. I have a explorer that isnt payed off and just reduced insurance on it. Been sitting for a month. I have done that in the past too.

Not sure where this law is about. I am not worried.

Id say get a new insurance carrier.

[Yooformula]

My car loan with landmark carries ONLY comp during winter months and I have never had an issue with it. When I drop the coverage I have to give Landmark a letter stating that is in storage not being used and that comp is still on it and they have no issues. I have had banks force their policy onto me but then when I have explained it is in storage not being driven they have always dropped it without an issue. If it is not being driven and something happens comp coverage covers that, but not if it was on the road so technically it is covered.

It is wasted money if the vehicle is NOT being driven and is in storage and you are paying for COLLISION insurance. You dont get that money back if you dont get into an accident so why get pushed into paying for it. Comprehensive coverage is for these situations, I would know I have filed a claim using the comp portion when my car was parked and keyed and when it was flooded out. Both times COMP coverage covered the damages with no deductible/out of pocket or increase in my premiums.

[MurphysLaw88GT]

My girlfriend works at Landmark and this is what she said. Call member service 262-796-4500 and tell them you are storing your vehicle. You only need comprehensive insurance, the CSR will fill out a form saying where the veihcle is being stored and for how long. (This is called a Lay-up) and it is good for 6 months. The CSR will send it to Landmarks ins company and you have to have your agent send LCU the info that you are only going to have comprehensive on the motocycle.

[SSLEVO]

This is why you don't finance or cary full coverage on a sport bike.

[Feature Pony]

I had the same issue with my cobra and even having signed the letters of storage that they make you fill out. Its a B.S. they would send me the your insurance isn't right form and the people at the branch didn't know there ass from a hole in the ground. I told them to get bent and paid off a $18,000 loan in a year and told landmark where to stick it. The funny thing is 3 months after I paid off my car I got a nother nasty gram about insurance I called that wanabe company up and I riped the customer service rep a new one! F*** Landmark!!!

[BoosTT]

My girlfriend works at Landmark and this is what she said. Call member service 262-796-4500 and tell them you are storing your vehicle. You only need comprehensive insurance, the CSR will fill out a form saying where the veihcle is being stored and for how long. (This is called a Lay-up) and it is good for 6 months. The CSR will send it to Landmarks ins company and you have to have your agent send LCU the info that you are only going to have comprehensive on the motocycle.

Thanks. I did this. It was easy. You just saved me $65/month!

:banana1::banana1:

[Slow Joe]

I have my mustang financed through Landmark Credit Union and I was able just to place comp insurance on it (I have AAA insurance). I went in after I received a letter when I changed my insurance and I just had to sign a form that says the vehicle will be in storage from this day to this day. This is the second car I have done this with through Landmark. I've never had a problem...

Ditto... Just walked into a LMCU branch, told them I was storing it. Signed a paper... And was good... Did this for the past 3 winters I've had the Mach... :thumbsup