Hello and welcome to JustAnswer,
My name isXXXXX am a licensed attorney, and my goal is to provide you with excellent service today.
No, it is not illegal under New York state law (or under any state law for that matter) for someone to have a loan for a new car or motorcycle and not have comprehensive coverage on the vehicle.
While it is customary for lenders to require that someone purchasing a new motorcycle or car obtain comprehensive coverage on the car as well as liability coverage, there is no legal requirement for them to do so. So it is up to the lender to decide whether they require the purchaser to have comprehensive coverage on the car, which would provide the owner (including the lender) with the replacement value of the motorcycle if stolen.
The law only requires that any person who owns and drives a vehicle (including a motorcycle) have liability insurance
I hope the above information is helpful, although I realize it is not what you wanted to hear. I sincerely XXXXX XXXXX had better news to give you, but I hope you appreciate an honest and direct answer to your question. It would be unprofessional of me and unfair to you to provide you with anything less.
Please let me know if you have any follow up or clarifying questions as I want to ensure that you are completely satisfied with my service.
If not, PLEASE remember to rate my answer POSITIVELY (Excellent Service preferably) so I get credit for my work. I put significant time and effort into my answers and DON’T receive anything unless you rate me positively. It doesn’t cost you anything extra and is necessary even though you’ve made a deposit. Please also rate me highly (9-10) when you receive your customer satisfaction survey.
Thanks and best of luck!