View Full Version : Fianancing a new bike
Fastrr
10-08-2006, 01:25 PM
I was talking with a neighbor of mine who owns a 03 R6. We got on the subject of bike insurance and he said when he bought his bike through yamaha financing they did not require him to take out full/comprehensive/collision insurance on it. They said under $10K and full coverage is not necessary to carry the loan.
Have any of you heard of this with any other bikes ei Kawi, Suzuki, Honda, Triumph?
I would like to buy a new bike and finance it, but full coverage insurance is insanely high. I have checked with all these companies for prices for me on various sportbikes, all were too high.
American Family,
Progressive,
Geico,
State Farm,
and a couple independent brokers also. cheapest quote i got was $179 month.
Blue Devil
10-08-2006, 03:41 PM
how old are you and what is your record like?
AZIROC
10-08-2006, 03:49 PM
i beleive that since ur under the yamaha credit card, its not technically a loan... so thats how u can get away with just liabilty. but be smart and get full coverage... last thing u want to do is be making a payment for a bike thats totaled
i beleive that since ur under the yamaha credit card, its not technically a loan... so thats how u can get away with just liabilty. but be smart and get full coverage... last thing u want to do is be making a payment for a bike thats totaled
Exactly, because you will be :cry: if it gets stolen or you total it and still have to pay for it.
Azhigher
10-08-2006, 07:23 PM
be smart and get full coverage... last thing u want to do is be making a payment for a bike thats totaled
Never were truer words spoke!
reddeth
10-08-2006, 07:46 PM
The way it was explained to me is that if you have really REALLY kickass credit history and good history with the bank they will sometimes let you slide. But you have to be pretty much a spotless record driver, have many years with said bank (I deffinetly dont fall under that one), etc etc. My dad got a car loan for a sweet old caddy he bought a few weeks ago, just basic coverage though because good credit + like 20 years iwth the bank and they said they wouldnt care what kind of insurance.
The only downside is they are NASTY when it comes to late payments! Father traveled for a week, loan payment was like a week late and they were already sending 'we-will-be-forced-to-repo-the-car' letters! o.O
AZIROC
10-08-2006, 09:30 PM
The way it was explained to me is that if you have really REALLY kickass credit history and good history with the bank they will sometimes let you slide. But you have to be pretty much a spotless record driver, have many years with said bank (I deffinetly dont fall under that one), etc etc.
who ever u heard that from was blowing smoke up your ass. no matter how much a bank "loves" you, u borrow $ from them, they want u to have full coverage just incase.. ur still i finacial risk.
357Magnum
10-08-2006, 10:04 PM
The way it was explained to me is that if you have really REALLY kickass credit history and good history with the bank they will sometimes let you slide. But you have to be pretty much a spotless record driver, have many years with said bank (I deffinetly dont fall under that one), etc etc.
who ever u heard that from was blowing smoke up your ass. no matter how much a bank "loves" you, u borrow $ from them, they want u to have full coverage just incase.. ur still i finacial risk.
i'd have to agree there although it may be possible. only way to find out is talk to ur bank. id also rather pay more anyways knowing tha if somehting happens to the bike i wont have to pay a dime other than the deductible. also, with the full coverage thing. make sure you get gap insurance also.
Fastrr
10-09-2006, 06:07 PM
Full coverage is a good idea. Problem is who wants to pay $2,500 a year for a $8K bike? The numbers just don't add up. If the bike gets totaled i'm a mechanic and get discounts on parts.
I may end up just building a new bike from a wreck, don't need full coverage if there's no loan. Seriously though for an 06 ZX636 the cheapest full coverage ins i found was $200 down payment and $179 per month, and that was with a $500 deductible. I don't even want to talk about that. p's me off. Only 1 ticket in 16 years of driving for expired registration. No accidents or DUI either. Like I said it pisses me off.
AZIROC
10-09-2006, 06:10 PM
Full coverage is a good idea. Problem is who wants to pay $2,500 a year for a $8K bike?
thats a hint on how much ur insurance company likes you... or how much others with the same bike have phuqed up. i agree though, 2500 on a 8k bike is ghey, but unless u have ticekts coming out ur ass, u should be able to find full coverage pretty reasonable.
06Gixxer King
10-09-2006, 06:55 PM
2500 is absolutly nuts. for me alone to have just my bike on full coverage comp, collision, under/un insured the works would have been $1018 a year with state farm.
you need to look around more becuase unless you have horrible credit (in which case i doubt you could get the loan to begin with) or have more tickets/accidents/claims then your saying something is way off
as it is now i have both my bike and 98 grand cherokee with state farm for 2k a year
WS6Gixxer
10-09-2006, 08:03 PM
You don't get quoted 2500/yr for a 600 if you have a spotless driving record & good credit...
AZIROC
10-10-2006, 12:38 AM
You don't get quoted 2500/yr for a 600 if you have a spotless driving record & good credit...
what he said
357Magnum
10-10-2006, 09:10 AM
You don't get quoted 2500/yr for a 600 if you have a spotless driving record & good credit...
I was quoted 2500 for full coverage. I took off underinsured and uninsured as it was 1000 of that. That's with a 720 and spotless record.
06Gixxer King
10-10-2006, 10:01 AM
You don't get quoted 2500/yr for a 600 if you have a spotless driving record & good credit...
I was quoted 2500 for full coverage. I took off underinsured and uninsured as it was 1000 of that. That's with a 720 and spotless record.
around here thoose would be the last coverages i would take off with all the people who run around without insurance
schlizzag
10-10-2006, 10:11 AM
holy crap, 2500?
i'm at like 1200/year for a brand new 06 kat. once i hit 25 next april and my bike is no longer brand spanking new, it drops down to like 400/yr :lol:
25 has got to be the last birthday to really look forward to, thanks only to insurance companies
GixJello206
10-10-2006, 10:34 AM
holy crap, 2500?
i'm at like 1200/year for a brand new 06 kat. once i hit 25 next april and my bike is no longer brand spanking new, it drops down to like 400/yr :lol:
25 has got to be the last birthday to really look forward to, thanks only to insurance companies
Talk to kurt (vinnydd) about that he is a insurance agent. he was tellin me that that after 24 your insurance drops is just a myth ya might wanna talk to him bout that cuz he isn't out to screw riders cuz he is/was one of us. He will tell you the truth
schlizzag
10-10-2006, 12:07 PM
holy crap, 2500?
i'm at like 1200/year for a brand new 06 kat. once i hit 25 next april and my bike is no longer brand spanking new, it drops down to like 400/yr :lol:
25 has got to be the last birthday to really look forward to, thanks only to insurance companies
Talk to kurt (vinnydd) about that he is a insurance agent. he was tellin me that that after 24 your insurance drops is just a myth ya might wanna talk to him bout that cuz he isn't out to screw riders cuz he is/was one of us. He will tell you the truth
i sat down with my agent back when i got my bike earlier this year, and those are approx the numbers. maybe that's not how all agencies run, but it sure is with mine - state farm. probably helps too that i have a completely clean record of 8 years with no claims other than a cracked windshield on my car once or twice
Cleopatra
10-10-2006, 04:55 PM
I've got $249/yr with Progressive, but mine is a 97, so its far from new. It's definetly less than my car.
holy crap, 2500?
i'm at like 1200/year for a brand new 06 kat. once i hit 25 next april and my bike is no longer brand spanking new, it drops down to like 400/yr :lol:
25 has got to be the last birthday to really look forward to, thanks only to insurance companies
don't forget about 55 for senior citizen discounts.
Fastrr
10-14-2006, 09:13 AM
The quotes i recieved didn't involve a credit check, thank God. My credit score is like 580 and have several late payments on file. I've gotten quotes from 4 insurance companies. State Farm won't take me b/c i've had my license suspended once for something petty.
heres what i have:
2 tickets ( 1 for expired registration, 1 for having blue LED lights on )
1 suspended license for paying a fine 2 days late. My license was suspended for 2 weeks.
0 accidents.
2 years of street riding with a mc endorsement.
35yrs old, and single.
Male.
I've decided if i get a new bike I will have full coverage insurance W/hiked up liability coverage. I mean have you seen a lot of wrecks where there was only $15,000 in property damage and $30K in medical per person. I'm a new believer in having extra insurance coverage. 2 days in a hospital cost around $30K alone.
I like to be as helpful as I can to others so when i say this just know that: If you ever get a ticket, go and pay it in person, not through the mail because there are hidden fees that you may not see, therefore it can cause you to have your license suspended. If you have to go to court take your checkbook or bank card with you because they demand you pay on the spot or go to jail. no other option.
WS6Gixxer
10-14-2006, 12:03 PM
Fuck, I feel bad for all the folks getting raped on insurance on their bikes!
AZIROC
10-14-2006, 12:13 PM
Fuck, I feel bad for all the folks getting raped on insurance on their bikes!
yup!!
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