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Discussion Starter #1
I have heard there is a way to finance without having full coverage. Was wondering if it was true and how you do it.
 

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Sport Tourer
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It's called taking out a personal loan. Don't tell them what for, and buy the bike cash. Not a very good way to do things--the full coverage protects you as well as the loaner. I'd hate to not be fully covered on a brand new bike.
 

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Old school fool
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Haglios speaks the truth. Usually unsecured or personal loans have a lot higher interest rates - unless your credit is super sterling, then they are just "moderately higher." You can also use a credit card.

Either way, you'll pay. Either to the insurance company or in the form of higher interest. To be honest, I'd rather have the insurance. If money is a problem, a lot of times they can work the interest into a finance deal - but to be honest, if money was that much of a problem I'd buy something cheap and used for cash.
 

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Back in Black
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Honda and Suzuki Credit both will allow full financing without full coverage, tho I've heard of ppl getting screwed with suzuki's deal.

Regardless, it's not a wise decision. My boss's son bought a Superhawk about 4 or 5 years ago. Went to bike week with it, and it was stolen. All this before he made the first payment on it. Then, he had to pay it off, with nothing showing for his money.
 

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there are some banks too that don't require full insurance
Bank I went with ,if you take out a loan under 10k doesn't require you to have full insurance but my interest rate was like 11.99 kinda high and plus me being only 19 and w/not alot of credit hist. so i went with a co-signer and brought it down to 6.5
no way in hell was I gonna be able to afford full coverage (cheapest was 3,450)
liability and comp. Thumbs Up and becarefull lol. hoping you don't run into anyone that will total ur bike...
 

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why would you consider owning a motorcycle with out insuring it? What happens if you run over something/someone? If you can't afford the insurance, you can't afford the bike...
 

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Bumblebee - that is what liability insurance is for. Anyone under 25 has to pay like $8000 per year for full coverage on a sportbike even if they have a perfect driving record.

Yes you can finance a bike without getting full coverage.
 

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TRaGiK said:
Honda and Suzuki Credit both will allow full financing without full coverage, tho I've heard of ppl getting screwed with suzuki's deal.

Regardless, it's not a wise decision. My boss's son bought a Superhawk about 4 or 5 years ago. Went to bike week with it, and it was stolen. All this before he made the first payment on it. Then, he had to pay it off, with nothing showing for his money.

Same with Yamaha.
 

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The Suzuki and Yamaha (as well as Honda and Kawasaki) are actually manufacturer credit cards, not loans. The deals for low payments only last for a year at a very low interest rate and then shoot up to 21-25% afterward. It's not so much getting screwed but rather not reading the fine print. If you can pay the bike off within the promo period then it isn't a bad option.

You'd be a fool to have a bike you're making payments on without full coverage. Tough shit if the insurance is high. There's a reason why it is like at (asshat riders totalling new sportbikes within the first year).

A personal loan and a used bike you can pay cash for is a much better option. A lot cheaper to buy and the insurance will be siginificantly cheaper over a new bike. Especially if the bike is 7 years or more old (lots of great FZRs, F2/F3s, Ninjas and GSX-Rs to choose from).
 

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For the first year that I had my bike it was $2,800 with full coverage on a 2004 F4i and it was my first bike. This year it droped down to like $1,600 since I was a good boy.
 

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Jackal79 said:
Bumblebee - that is what liability insurance is for. Anyone under 25 has to pay like $8000 per year for full coverage on a sportbike even if they have a perfect driving record.

Yes you can finance a bike without getting full coverage.
And there is a reason for that...like I said, you can't afford it. Go price the full coverage insurance for a new Z06 Vette, or a Viper for the same age group...
 

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i have liability only.. full coverage was like 6,000/year.. i bought thru suzuki..
 

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Discussion Starter #14
Thanks for the info, I already own a 96 F3, have a perfect driving record, and pretty good credit history to clear up all the vairables.
 

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If you can not pay for the insurance you dont need the bike get a cheaper bike.
 

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Like Bing and Bong
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Full coverage is a damn ripoff
 

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Discussion Starter #17
HDGP said:
If you can not pay for the insurance you dont need the bike get a cheaper bike.
Not that i cant pay it, wont, find it redicuous that insurance cost more than the bike payment.
 

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I know 2 fellows here in Tally that have wadded their bikes in last 30 days with no insurance because they refused to pay for it...now they have loans to pay on expensive lawn ornaments...Motorcycles are an expensive hobby...
 
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