Is it ok to split the motorcycle with a friend? We are sharing it, paying half/half. what about insurance?

Question

Will it work in California?

Will the insurance allow it?

Answer 1

I agree its not the best decision. There will always be disputes about ownership and whos turn it is when there is dual ownership.

As far as financing goes, as you have specified if you are a 'couple' I believe the finance would have to go in one persons name only. Meaning that you finance the full amount, and your friend pays half the payments to you each month.

Same deal with registration, It would only be able to be registered in one persons name, so, that would technically make that person the owner.

Insurance, you can insure the vehicle in one persons name, and add the other person as a rider.

I would really advise against this though. Who is responsible for servicign? what about if someone wrecks it, or gets a fine on it? Avoid it at all costs.

Answer 2

It is never a good idea to make a split purchase with a friend.  Anytime money gets involved in friendship, it usually does not end well.  What if someone wrecks it?  Or doesn't take care of it as the other would like them to?  Or if someone wants to use it and you can't agree?  I would really think this one out . . . I'm sure it would be possible, but just might not be the best idea.  Good luck!

Answer 3

great way to ruin a relationship