Quick question
06-06-2005, 09:31 PM
#1
Guest
Posts: n/a
Quick question
Got a quick question.
I live in Texas, and was wondering if I get a loan from the bank are they going to require that I have full coverage on my bike? Cuz if so, I may bite the bullet and finance a new one through Honda and get liability for about 45 bucks a month instead of 500.
Kathryn
I live in Texas, and was wondering if I get a loan from the bank are they going to require that I have full coverage on my bike? Cuz if so, I may bite the bullet and finance a new one through Honda and get liability for about 45 bucks a month instead of 500.
Kathryn
06-06-2005, 09:35 PM
#2
Senior Member
SuperSport
Join Date: Jun 2004
Location: Thornwood, NY
Posts: 817
Re: Quick question
I don't know the exact laws in Texas, but I've never heard of any lending instituion allowing an "owner" not to carry full coverage on a bike/car/home/etc... technically it's there motorcycle untill you pay it off, they want to make sure if it's dropped or stolen they still get their money.
J.
J.
06-07-2005, 06:16 AM
#3
Moderator
MotoGP
Join Date: Dec 2004
Location: South Texas
Posts: 2,553
Re: Quick question
Yes, full coverage would be required as it's their bike until you pay it off and they want protection.
It's been (ahemm) 20 years since I sold Honda's but back then Honda also required insurance. They don't now? Interesting. Back then we didn't even have a fax machine much less the 'net, so I had to call and READ the credit applications to california valley girls at Honda finance (funny stories there).
Kathyrn, it really sux making payments on a wrecked bike that's sitting in the garage because you can't afford to repair the damage. But I understand, $500/mth is ridiculous and prohibitive. Keep shopping around for better insurance, you might get lucky.
It's been (ahemm) 20 years since I sold Honda's but back then Honda also required insurance. They don't now? Interesting. Back then we didn't even have a fax machine much less the 'net, so I had to call and READ the credit applications to california valley girls at Honda finance (funny stories there).
Kathyrn, it really sux making payments on a wrecked bike that's sitting in the garage because you can't afford to repair the damage. But I understand, $500/mth is ridiculous and prohibitive. Keep shopping around for better insurance, you might get lucky.
06-07-2005, 08:14 AM
#4
Guest
Posts: n/a
Re: Quick question
Very true.
I was trying to find something in the middle of the road such as compensation. But that was amazingly high.
I talked to a lady friend who works up at the Yamaha dealership and she's got the best rates in town but it's still about 500 bucks.
She also said I might be able to get a multi-bike discount since dad has one and I have one at the moment.
Not sure how much this "discount" consists of.
I was trying to find something in the middle of the road such as compensation. But that was amazingly high.
I talked to a lady friend who works up at the Yamaha dealership and she's got the best rates in town but it's still about 500 bucks.
She also said I might be able to get a multi-bike discount since dad has one and I have one at the moment.
Not sure how much this "discount" consists of.
06-07-2005, 08:29 AM
#5
Senior Member
SuperBike
Join Date: Nov 2004
Location: Richmond, Virginia
Posts: 1,315
Re: Quick question
$500 a month...Yikes!
That's why I have a USED Super Hawk (my '98 cost me $4000 last Oct.) & liability only ($145/yr. from GEICO). If I throw it down the road , then it's on me. As for the $500/mo. .... I could save that money for 8 months & get another 'Hawk, if it comes to that.
That's why I have a USED Super Hawk (my '98 cost me $4000 last Oct.) & liability only ($145/yr. from GEICO). If I throw it down the road , then it's on me. As for the $500/mo. .... I could save that money for 8 months & get another 'Hawk, if it comes to that.
06-07-2005, 08:51 AM
#6
Senior Member
SuperSport
Join Date: Jun 2004
Location: Thornwood, NY
Posts: 817
Re: Quick question
I'm on the same Geico plan.... with the deductibles so high it's not worth having full coverage on anything under 5k in value on a big sportbike.
The worst crap I've delt with was I orignally signed up for Progressive whom quoted me 550 for a full year of full coverage. After paying in full upfront, I recieve a bill a week later stating they "updated" my plan and I owe an additional 1700!!!!! After a few "pleasent" calls to get my money back, I switched to Geico.
I hate insurance, it's the only industry that can legally discriminte people based on age, sex, and living location... ridiculous.
J.
The worst crap I've delt with was I orignally signed up for Progressive whom quoted me 550 for a full year of full coverage. After paying in full upfront, I recieve a bill a week later stating they "updated" my plan and I owe an additional 1700!!!!! After a few "pleasent" calls to get my money back, I switched to Geico.
I hate insurance, it's the only industry that can legally discriminte people based on age, sex, and living location... ridiculous.
J.
06-07-2005, 02:44 PM
#9
Remember stock is BAD!
SuperSport
SuperSport
Join Date: Jun 2004
Location: Jacksonville FL
Posts: 760
Re: Quick question
One of the perks of living in florida is that you can go to a dealership and if the bike is under XXX amount of dollars (varies upon where you go). You give them your down payment and sign the contract and out you go. 
When I was looking at insurance for the hawk. Single Male 24 or 25 at the time. No tickets they wanted 1500 a year for full coverage! Going from a 500 deductable to a 1000 deductable dropped it to 1200.
So I said forgit insurance, hay its legal down here!
Forced to pay for somthing that you dont use - that is insurance to me.
I agree with slowhawk theycan legaly discriminate.
Kat save you $ and pay cash. Dont feed the insurance companys.
When I was looking at insurance for the hawk. Single Male 24 or 25 at the time. No tickets they wanted 1500 a year for full coverage! Going from a 500 deductable to a 1000 deductable dropped it to 1200.
So I said forgit insurance, hay its legal down here!
Forced to pay for somthing that you dont use - that is insurance to me.
I agree with slowhawk theycan legaly discriminate.
Kat save you $ and pay cash. Dont feed the insurance companys.
06-07-2005, 10:15 PM
#10
Guest
Posts: n/a
Re: Quick question
That's my plan. I'm trying to sell my 86 Rebel 450 that I just finished rebuilding for about 2500. That would go towards a down payment along with money I'll be saving from my pay checks.
I don't rack in a hell of a lot of money but enough to get by.
Yes, very ridiculous...500 a month! Which is, 6k a year for full coverage. I about choked on my own spit.
I have no tickets, took the rider safetly course, but what's killer is.. I'm 19 so therefore they're gonna make me pay out the tailend to get the bike I've wanted for hmm 3 years.
I don't rack in a hell of a lot of money but enough to get by.
Yes, very ridiculous...500 a month! Which is, 6k a year for full coverage. I about choked on my own spit.
I have no tickets, took the rider safetly course, but what's killer is.. I'm 19 so therefore they're gonna make me pay out the tailend to get the bike I've wanted for hmm 3 years.
06-08-2005, 01:45 PM
#11
Remember stock is BAD!
SuperSport
SuperSport
Join Date: Jun 2004
Location: Jacksonville FL
Posts: 760
Re: Quick question
I was 18 or 19 and my first bike was a 600CBR Hurricane. Single male MSF Grad.......
Thank God it was paid for and a project. The link will explain
https://www.superhawkforum.com/viewtopic.php?t=1096
The insurance would have ate me alive.
The bad part of being young is that you cant get afford the really cool toys!
Thank God it was paid for and a project. The link will explain
https://www.superhawkforum.com/viewtopic.php?t=1096
The insurance would have ate me alive.
The bad part of being young is that you cant get afford the really cool toys!
06-08-2005, 10:04 PM
#13
Guest
Posts: n/a
Re: Quick question
Exactly.. if I was 25 I'd have no proble with my insurance. And yes, can't afford the big toy right now. But I might actually pull it off. The Rebel is up for sale and is surprisingly a well sought after bike since they only made it for two years.
Dealer says I can still get an 03 for about 8k OTD, but another place tried to talk me into an 05. I thought it was kind of ridiculous, they wanted me to pay an extra 2k for a different color bike. I was thinking, riiight, I may look stupid buddy but you're trying to screw the wrong chick.
I'll definitely look into state farm as well. Just for grins.
Dealer says I can still get an 03 for about 8k OTD, but another place tried to talk me into an 05. I thought it was kind of ridiculous, they wanted me to pay an extra 2k for a different color bike. I was thinking, riiight, I may look stupid buddy but you're trying to screw the wrong chick.
I'll definitely look into state farm as well. Just for grins.
06-09-2005, 07:27 AM
#14
Senior Member
SuperBike
Join Date: Jul 2004
Posts: 1,015
Re: Quick question
Geico $550 a year (43 yrs old) full coverage, $1000 deductable.
If you drop it it should be your bill to fix it. If you crash it or get crashed then the insurance can kick in above the grand and fix it back or pay off difference.
If you can't afford to eat the $1000 deductable then you should be riding buying the bike anyway. Just like people that buy a corvette and bitch about paying gas for it.
my $.02 worth...
If you drop it it should be your bill to fix it. If you crash it or get crashed then the insurance can kick in above the grand and fix it back or pay off difference.
If you can't afford to eat the $1000 deductable then you should be riding buying the bike anyway. Just like people that buy a corvette and bitch about paying gas for it.
my $.02 worth...
06-10-2005, 09:48 PM
#17
Moderator
MotoGP
Join Date: May 2005
Posts: 2,708
Re: Quick question
best quote i got was from GMAC insurance (888-325-1088). for a 24 year old male with nothing on my record they quoted me $224 per year for liability. since my hawk is rebuilt with a salvage title it would make no sense for me to have full coverage. pity though..i could really use the theft coverage. she sleeps outside in a apartment complex... kind of surprised she's still here! hah! poor girl 
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