Motorcycle Insurance Issue ?

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Motorcycle Insurance Issue ?
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Recently a friend of mine wanted to purchase a motorcycle that he found a super great deal on. Because his credit is very average he asked me to purchase the cycle and he would make me payments plus interest. I agreed and took out a loan for the bike. However a few weeks later he decided it would be ok to take the bike out for a spin UNINSURED. He had a run in with several trick or treaters and their parents.
Since it was an unlit road, they were in the middle, and he was going under the speed limit. The cops ruled it not his fault.
Two insurance companies sent me letters.
My friend called them and told them as the driver he would be taking full responsibility. He left a message stating that since the accident had not been his fault he had contacted an attorney and requested that all further communication be forwarded through him. This was in October We have not heard a word from them since. What does this mean?

Gambit

This means you are really, really, really screwed. RARELY is an accident between a vehicle and pedestrians the pedestrians fault (the police do not determine fault, so their opinion is worthless). Plus him taking the bike out uninsured will not help your case in court. You have a choice at this point: Inform the police the bike was taken without your permission and have your friend charged with theft or be prepared to go into debt for the rest of your life paying off a (probably several) judgment(s) awarded against you for the injuries suffered by the pedestrians. If you do the former then you should be able to avoid liability and have your friend declared responsible for all damages. While it was noble for your friend to try and take full responsibility the lawyers for the children that were injured will not be impressed and will name you in any lawsuit in a heartbeat. NEVER purchase a vehicle for another person unless you are prepared to be financially ruined by that person.

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