Insurance Question

SeeMyExkurrrzun · 04-01-2008, 10:26 AM

For auto's, if you're financing you have to have full coverage for the vehicle. Does that apply on motorcycles as well or can i just have liability?

DaleCaliente · 04-01-2008, 10:28 AM

first off - Nice avatar - Eye of Ra - Got that incorporated into one of my tattoos.....

Anyway - Yes - If the bike is not YOURS then the OWNER (aka bank) is probably going to require you to have full coverage.

bush · 04-01-2008, 10:35 AM

Yes, the lender requires it. Sometimes it's not required if you do dealer financing. But imagine making payments on a bike that was wrecked 3 years ago. No reason for anything less than comprehensive if you're financing.

Post what you pay for insurance

DaleCaliente · 04-01-2008, 10:41 AM

Quote:

Originally Posted by bush

But imagine making payments on a bike that was wrecked 3 years ago.

This thought goes through my mind EVERY time I think of saving $200/ year by just carrying liability only.

Bad Idea

KickStart2323 · 04-01-2008, 10:46 AM

i did mine through a credit card, i actually got a better apr then on a personal loan...i still have insurance but not full coverage...$40 a month + $105 bike payment= better then paying $150 full coverage +$105 payment....

Anthonyd5189 · 04-01-2008, 10:50 AM

Until you wreck your bike and are making payments on something that doesn't exist anymore, lol.

01Snake · 04-01-2008, 12:34 PM

Quote:

Originally Posted by KickStart2323

i did mine through a credit card, i actually got a better apr then on a personal loan...i still have insurance but not full coverage...$40 a month + $105 bike payment= better then paying $150 full coverage +$105 payment....

Yes. Thats BRILLIANT! So when you total the bike you will be making $105 bike payments for a bike that doesn't exist. Sounds like a wonderful plan.

SeeMyExkurrrzun · 04-01-2008, 01:24 PM

Thanks for the responses.

My reason for asking this is because i don't want to have to pay full coverage on a bike that i'll only be financing for about 4 months. Sure i could save the money and buy it straight up after the 4 months... but then thats 4 months longer i'll have to wait. I'll just ask my credit union about the insurance.

KickStart2323 · 04-01-2008, 01:37 PM

Quote:

Originally Posted by 01Snake

Yes. Thats BRILLIANT! So when you total the bike you will be making $105 bike payments for a bike that doesn't exist. Sounds like a wonderful plan.

lol you have no clue what your talking about...just bc you DONT have full overage on a bike dosent mean that if i was in a crash that they wouldn't cover it...

01Snake · 04-01-2008, 01:52 PM

Quote:

Originally Posted by KickStart2323

lol you have no clue what your talking about...just bc you DONT have full overage on a bike dosent mean that if i was in a crash that they wouldn't cover it...

Damn, with over 10 years in the insurance business, I guess I don't know what I'm talking about.

If you've got Liability coverage only, the only way your bike is gonna be covered in an accident is if someone else is deemed at-fault for the accident and their insurance pays for your bike. Thats it.

If you wreck it taking a turn too wide, its stolen or a buddy wrecks it while riding it, you're screwed. End of story.

SeeMyExkurrrzun · 04-01-2008, 02:26 PM

Quote:

Originally Posted by 01Snake

If you wreck it taking a turn too wide, its stolen or a buddy wrecks it while riding it, you're screwed. End of story.

I guess thats why you ride smart, store it safely, and don't let friends borrow your bike?
Doesn't seem to complicated to me.

acalliste · 04-01-2008, 02:33 PM

It depends on who you finance it through. The dealer I bought my last two bikes from say they don't deal with any lenders who require it. Mine doesn't require it, but I have it anyway. And I just discovered that you don't have to be in a wreck to need it. My bike fell off the lift in my garage last week, and the damage is being covered by the comprehensive part of my insurance.

01Snake · 04-01-2008, 02:35 PM

Quote:

Originally Posted by SeeMyExkurrrzun

I guess thats why you ride smart, store it safely, and don't let friends borrow your bike?
Doesn't seem to complicated to me.

Hey, like everything else, its a gamble. Insurance is simply there as a "just in case" kinda thing. While it sucks paying it every year, it sure beats the feeling you'll have should you not carry full coverage and have an unexpected "accident" and total the bike. Too me it simply isn't worth it on a bike that you making payments on. Of course if you buy a beater and spend a few grand on it then you could definitely make the case that having full coverage might not be feasible.

01Snake · 04-01-2008, 02:37 PM

Quote:

Originally Posted by acalliste

It depends on who you finance it through. The dealer I bought my last two bikes from say they don't deal with any lenders who require it. Mine doesn't require it, but I have it anyway. And I just discovered that you don't have to be in a wreck to need it. My bike fell off the lift in my garage last week, and the damage is being covered by the comprehensive part of my insurance.

Thats the point. Most people have little to no understanding of how insurance works or how it covers them. People simply look to pay the least amount they can for a policy only to have it come back and bite them in the ass once the unexpected happens.

SeeMyExkurrrzun · 04-01-2008, 02:39 PM

well no doubt in a perfect world, full coverage would be the simple choice, however i'm a college student. I don't have unlimited funds. This bike will be a secondary ride to my car (which is already payed off) so i don't have money to throw in every direction. The reason i'm getting a 250 is because of how cheap they are and the gas milage. I'd pay the extra for full coverage if i could afford it.