UVIP Value : Insurance and Legality

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SlayerofSouls

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If a lower UVIP is declared what legal implications does this have?

If a bike is totalled how do the insurance companies value the bike? Could a low uvip value possibly lead to a discrepancy.
 
Insurance companies dont got by the bill of sale price, you declare your bike value when you request insurance. Also in an accident companies go by retail value of the bike at the time of an accident. Therefore even if your bill of sale price is 15k and at time of accident your bike is worth 9k they will issue you a 9k check (Same goes if your bill of sale price is 1$ and bike during an accident is worth 9k you get 9k check)
 
hhm the guy that sold me his bike said that I shouldnt declare a lower price...he said he got audited when he registered his bike and put a low value...mine actually did not even have a wholesale price for it.

Anyhow if its way too low you will get audited from what I heard, as far as the insurance goes...I do not think they will have access to that information unless you have told them the purchasing value (low value) when you get the insurance from them.
 
Guy selling me bike is also afraid to declare a lower value
 
Worst that can happen is you get a letter from the MTO confirming the sale price with the seller and buyer.
As long as there is no conflict, all should be well.

OP... congrats on your new bike.
 
Just put a deposit, if I have to pay tax on full value.. my have to reconsider and go with a 09 instead of a 10
 
you are SUPPOSED to pay the taxes anyways, whether the seller is willing to declare a lower value or not, you should not make your decision based on that.
If you bought it from a dealer you would have to pay taxes anyways, so what's the problem?
 
I can see a guy being hesitant to go really low ($1-100) but they should at least write a bill for half price.

What you have on your bill of sale has nothing to do with value for insurance purposes.
 
Purchase price 2010 Ninja, 4,400 plus 616 (taxes) 5,016.. May as well buy perfectly new 2011? at 5,500
 
SlayerofSouls said:
Purchase price 2010 Ninja, 4,400 plus 616 (taxes) 5,016.. May as well buy perfectly new 2011? at 5,500
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New plus taxes.

I have received those letters about three times and just recycled them each time in the bin.

My buddy bought a bike and the guy wouldn't put down the price as low as I wanted, but that's up to him so whatever.

imo, the government got their taxes when it was sold the first time, there should be no reason the EXACT same thing should be taxed again.
 
2live&ride said:
you are SUPPOSED to pay the taxes anyways, whether the seller is willing to declare a lower value or not, you should not make your decision based on that.
If you bought it from a dealer you would have to pay taxes anyways, so what's the problem?
Click to expand...

Honestly, just send cash in an envelope directly to gov't and bend over too if you like. Let people make their own decisions though.
I didn't ask for the HST on used vehicles. I'm also not a licensed dealer. Whether I re-sell my underwear or my bike to a friend, brother or a stranger, how's that government's business, considering the sales tax was ALREADY PAID on both items when they were purchased brand new.


Anyhow, motorcycles have no book value and people are free to declare whatever they want.
 
SlayerofSouls said:
Purchase price 2010 Ninja, 4,400 plus 616 (taxes) 5,016.. May as well buy perfectly new 2011? at 5,500
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Hst is 13%, so 13% on 4400$ is 572$...

DemonPig said:
Honestly, just send cash in an envelope directly to gov't and bend over too if you like. Let people make their own decisions though.
I didn't ask for the HST on used vehicles. I'm also not a licensed dealer. Whether I re-sell my underwear or my bike to a friend, brother or a stranger, how's that government's business, considering the sales tax was ALREADY PAID on both items when they were purchased brand new.
Anyhow, motorcycles have no book value and people are free to declare whatever they want.
Click to expand...

We're not debating whether taxes should be paid or not. Either way the OP has to pay out some money to cover that expense.
If the seller is willing to help by declaring a lower value, great, if not, that shouldn't make or break the OP's decision.
Taxes have to be paid regardless, a couple of hundred more or less should not be a deal breaker.
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