I don't want to pollute somebody else's thread, but I have seen recently several cases of bike stolen, it was financed but no insurance.

How do you get away with that? All the lenders I know of require a full coverage insurance in order to finance the purchase. At least, that is my experience with cars - and I don't see why it should be any different with motorcycles - quite the opposite, in fact.

And even beyond that, when you decide to buy a $10,000+ bike, that you can't afford in the first place (financed total of 17 grand????), and you KNOW that sportsbikes get stolen on a regular basis - why the hell wouldn't you get full coverage insurance? That's a big-*** sucker bet to be making. I need to open a casino in vegas and have those folks come on over.

I mean, stealing a car is easy, and stealing a bike takes a pickup and a couple of guys to put it in there. Child's play.

I don't know, I can't comprehend.

</rant>

 

Temptation often trumps logic. It happens to intelligent people, believe me...

And as for why full-coverage insurance is required on a financed car but not a bike I've really no clue. It seems convenient though, as I would guess a large portion of the sales made by dealerships are 18-25 year old males who want a bike so badly they allow the desire to cloud (or totally mask) their common sense and decision-making abilities. The easier it is to walk into the store and ride off on a bike the better off the dealerships will be. It's pretty sketchy really.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by SJR &raquo;</TD></TR><TR><TD CLASS="quote">
How do you get away with that? </TD></TR></TABLE>

Personal loan or some other loan thats not using the bike as collateral to secure the loan.

I dont have theft insurance on my F3, but then again I dont have a lien on it and no one would want to steal it

 

I got full coverage on the viffer, and it's only worth about 3 grand, paid for.

 

your bike isnt an eyesore....

 

I got my SV financed through the dealer and the girl told me that when I make my final payment send in a letter letting them know that you need the title because they usually don't even know they have it, so I think because its technically on a credit card through HSBC they don't require full coverage... because it's like having a 6k credit card and purchasing lots of random things.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by L33T &raquo;</TD></TR><TR><TD CLASS="quote">I got my SV financed through the dealer and the girl told me that when I make my final payment send in a letter letting them know that you need the title because they usually don't even know they have it, so I think because its technically on a credit card through HSBC they don't require full coverage... because it's like having a 6k credit card and purchasing lots of random things. </TD></TR></TABLE>

It almost seems to me like the new trend of putting the bike on a "Suzuki Card" or whatever is a result of the dealerships figuring out how to exploit the system a little bit. If the bike was financed on an auto loan you would have to get full coverage, and many of their impulse buyers would be scared away.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by smemts &raquo;</TD></TR><TR><TD CLASS="quote">It almost seems to me like the new trend of putting the bike on a "Suzuki Card" or whatever is a result of the dealerships figuring out how to exploit the system a little bit. If the bike was financed on an auto loan you would have to get full coverage, and many of their impulse buyers would be scared away.</TD></TR></TABLE>

yeah they didn't say anything about insurance and I read the entire contract with the credit card and there is no requirements for insurance in there. I still have full coverage, I don't want to end up with 5800~ in debt with nothing to show.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by .RJ &raquo;</TD></TR><TR><TD CLASS="quote">your bike isnt an eyesore.... </TD></TR></TABLE>

that's because I rinse off the dirt every month or so.

 

well ill take the stand, because i'm "that guy". when i purchased my r1 (which wasnt brand new) my driving record was rediculous so full coverage was as well. I went through GE money bank and they dont require any coverage whatsoever. Now regardless i know ish happens, but if i totall it i figure it was meant to be, its not a negative way of cheaping out, its just the reality of it. Now if i had a $15k loan on a brand new bike that would be a different story all together.

 

What really sucks is for those guys that buy a brand new bike and finance and get full coverage and the bike gets stolen right away. Since they bought the bike its not new anymore so its value has already depreciated so the insurance doesnt cover the full loan and you are out of a bike and have to pay the difference. I know someone that had their bike stolen the next day and ended up having to pay almost over a grand out of pocket. If you buy a new bike and even if you have full coverage, you should seriously consider GAP insurance to cover that depreciation gap.

 

Because the suzuki kawasaki etc... credit cards are meant for bike purchases...

And if you buy a $12k bike, financed, and can't afford insurance, maybe you should look at another bike.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by smemts &raquo;</TD></TR><TR><TD CLASS="quote">Temptation often trumps logic. It happens to intelligent people, believe me...
... 18-25 year old males who want a bike so badly they allow the desire to cloud (or totally mask) their common sense and decision-making abilities.</TD></TR></TABLE>

* AMEN *

I financed my first two bikes without insurance, and got lucky.
I was just a kid, and I just wanted a damn bike.
The things you do when you're young and stupid