Motorcycle insurance

[Shorty429]

I'm in the market for my first bike and I found the exact bike i wanted and when i went to get an insurance quote i found out i couldn't afford it, it was $345 a month on an 07 yamaha R6!

Now, my question is even though I'm getting a loan for it, is there any way to get around having to have full coverage? The bike won't be a main source of transportation, it's just going to be a toy for the nice days . Someone suggested looking into putting it on my moms name? Would this make my yearly premium affordable or am I S.O.L? If anyone has any advice, I'd really appreciate it!

[pRojekt02GT]

I'm in the market for my first bike and I found the exact bike i wanted and when i went to get an insurance quote i found out i couldn't afford it, it was $345 a month on an 07 yamaha R6!

Now, my question is even though I'm getting a loan for it, is there any way to get around having to have full coverage? The bike won't be a main source of transportation, it's just going to be a toy for the nice days . Someone suggested looking into putting it on my moms name? Would this make my yearly premium affordable or am I S.O.L? If anyone has any advice, I'd really appreciate it!

Would you be financing the bike, or buying it outright? Depending on which, you shouldn't have to have full coverage on the outright purchase.

Ouch, that's almost my car payment lol. I would say you could try getting it in your mothers name, see what the figures would be, almost guarantee it'll be cheaper. How much though, I don't know.

I was actually getting ready to go check them out, but I think I'm gonna' wait a few years lol.

[Shorty429]

Would you be financing the bike, or buying it outright? Depending on which, you shouldn't have to have full coverage on the outright purchase.

Ouch, that's almost my car payment lol. I would say you could try getting it in your mothers name, see what the figures would be, almost guarantee it'll be cheaper. How much though, I don't know.

I was actually getting ready to go check them out, but I think I'm gonna' wait a few years lol.

I'll be financing the bike, and the credit union says full coverage is a must unless i have the amount of the loan in a savings account. When she said that all I could think was "If I had 5k just layin around, I wouldn't need a loan now would I?"

and yeh, I was expecting it to be high but good lord. in a year and a half I would have the price of the bike paid into insurance

[mr4teth]

I'm in the market for my first bike and I found the exact bike i wanted and when i went to get an insurance quote i found out i couldn't afford it, it was $345 a month on an 07 yamaha R6!

Now, my question is even though I'm getting a loan for it, is there any way to get around having to have full coverage? The bike won't be a main source of transportation, it's just going to be a toy for the nice days .

A personal loan will not hold the bike as collateral thus full coverage is not needed. But you'll be paying a higher interest rate and really gambling. I wouldn't recommend it unless you're prepared to piss away $XX,XXX! Accidents do happen and bike get totaled really easy. The other option is a personal loan but pay full coverage during summer months than drop it to liability while storing the bike.

[Ares]

I use Nationwide of America(not exactly the same as Nationwide) and pay $142 for the year full coverage.

Shop around as some companies do not want to or will not even insure a crotch rocket. High premiums kinda let you know how they feel on the bike. $345/month is insane though.

[SonofaBish]

As said above, a personal loan would be an option -

another option for the financially responsible would be to put it on a credit card... I don't know if at your age you would be able to get a credit limit high enough, but typically you can get credit cards with an interest rate of about 5-8%, which should all be lower than a personal loan... But, you have to keep in mind that if you do this, you need to amortize the amount over a certain time period (whatever your loan was going to be) and be very responsible for making that payment every single month.... Your statement will say "minimum payment = $20" or something, and if this is all you pay, you'll screw yourself...

This isn't really the suggested way, but it will also help you build a good credit history... furthermore, you won't need full coverage insurance...

I can't stress enough the need for financial responsibility if you were to do this... and at your age, that might not be very easy...

[SonofaBish]

I use Nationwide of America(not exactly the same as Nationwide) and pay $142 for the year full coverage.

Shop around as some companies do not want to or will not even insure a crotch rocket. High premiums kinda let you know how they feel on the bike. $345/month is insane though.

no insurance company on earth will fully insure a sportbike for a guy his age for an even somewhat reasonable price - that's why its so high..... I had, and still do have, liability only coverage for my bike...

[mr4teth]

As said above, a personal loan would be an option -

another option for the financially responsible would be to put it on a credit card... I don't know if at your age you would be able to get a credit limit high enough, but typically you can get credit cards with an interest rate of about 5-8%, which should all be lower than a personal loan... But, you have to keep in mind that if you do this, you need to amortize the amount over a certain time period (whatever your loan was going to be) and be very responsible for making that payment every single month.... Your statement will say "minimum payment = $20" or something, and if this is all you pay, you'll screw yourself...

This isn't really the suggested way, but it will also help you build a good credit history... furthermore, you won't need full coverage insurance...

I can't stress enough the need for financial responsibility if you were to do this... and at your age, that might not be very easy...

BE VERY CAUTIOUS OF CREDIT CARDS. If you're late on a payment, CC companies can put you're interest rate to a "default rate" which could equate to 29.99% or higher. With a balance of $10,000 your minimum payment could be as high as $300 - $400 and at that % about $10 of your minimum payment would be applied to your principle balance!

BTW - Congress is trying to pass regulations that make this illegal!

[Shorty429]

A personal loan will not hold the bike as collateral thus full coverage is not needed. But you'll be paying a higher interest rate and really gambling. I wouldn't recommend it unless you're prepared to piss away $XX,XXX! Accidents do happen and bike get totaled really easy. The other option is a personal loan but pay full coverage during summer months than drop it to liability while storing the bike.

So if i had a personal loan and totaled the bike without full coverage i'd be screwed out of a bike and still have the loan payment, right?

As said above, a personal loan would be an option -

another option for the financially responsible would be to put it on a credit card... I don't know if at your age you would be able to get a credit limit high enough, but typically you can get credit cards with an interest rate of about 5-8%, which should all be lower than a personal loan... But, you have to keep in mind that if you do this, you need to amortize the amount over a certain time period (whatever your loan was going to be) and be very responsible for making that payment every single month.... Your statement will say "minimum payment = $20" or something, and if this is all you pay, you'll screw yourself...

This isn't really the suggested way, but it will also help you build a good credit history... furthermore, you won't need full coverage insurance...

I can't stress enough the need for financial responsibility if you were to do this... and at your age, that might not be very easy...

I'm not really looking to put myself out there that far with the credit card rout.. seems a little sketchy and at my age and with being a full time student nothing is really certain.

[mr4teth]

So if i had a personal loan and totaled the bike without full coverage i'd be screwed out of a bike and still have the loan payment, right?

Unfortunately yes!

I was in the same boat as you in my early 20's. So I found a little older R title ZX6R, took a personal loan and gambled the few month I road the bike. It's wasn't that big of a gamble because I only had $3k rapped up in the bike.

You just might have to make a concession on what you WANT to ride ..... to what you can afford to ride! Sometime life gets you like that!

[o4c0b|2a]

Bought my 07 gsxr 600 outright a couple years ago. I have liability only. Pay a little less than $50 a month. A friend found another insurance company and he now pays less than $30 a month (for liability and we are the same age). I'm either going to sell mine or consider switching soon. I hardly ride it anymore. I looked at full coverage and it was outrageous at the time so I said screw it. For what insurance companies look for I guess I'm still too young in their eyes. Just be real careful if you do go the route with just liability.

[SonofaBish]

BE VERY CAUTIOUS OF CREDIT CARDS. If you're late on a payment, CC companies can put you're interest rate to a "default rate" which could equate to 29.99% or higher. With a balance of $10,000 your minimum payment could be as high as $300 - $400 and at that % about $10 of your minimum payment would be applied to your principle balance!

BTW - Congress is trying to pass regulations that make this illegal!

I didn't say that it was a good option - i just said it was an option... but only an option if you can manage the money, amortize the amount, and stick to your payment schedule... its an option that may be better in some cases... when i was in college, i needed just a couple thousand extra $$ and at the time, i was able to get a CC with an interest rate at half the % of what the current student loan rates were... so it was a better option... furthermore, I also had the "loan," or CC balance, hedged with some investments that were making a much better interest rate than what i was paying at the time - so morally it was a tough choice, but in the numbers game, it wasn't so tough

creditors like to make minimum payments at about 4% of the outstanding balance... this was after they only required 2% for many years, but the government did something about that a couple years ago... so yes, the minimum payments can get pretty high...

[Rio94gt]

Full coverage on my 04 Harley Night Train is $44 a month through State Farm and im 25.

[mr4teth]

Full coverage on my 04 Harley Night Train is $44 a month through State Farm and im 25.

What are your coverages? and do you have full tort? I'm 36 with a perfect driving record and I pay $62 a month for my 02 Deuce with GEICO.

[SonofaBish]

What are your coverages? and do you have full tort? I'm 36 with a perfect driving record and I pay $62 a month for my 02 Deuce with GEICO.

State farm is famous for having outrageously low insurance rates ... unless you "know someone" they no longer write motorcycle only policies... when you couple your bike with your car(s) and or home, they will give you rates that i've never seen anyone compete with....

[mr4teth]

State farm is famous for having outrageously low insurance rates ... unless you "know someone" they no longer write motorcycle only policies... when you couple your bike with your car(s) and or home, they will give you rates that i've never seen anyone compete with....

I have to call State Farm and get a quote! GEICO insures my F-150 and motorcycle. I think I pay a little too much considering I have a company car and I never drive the them. Hell my F-150 is an 2005 with only 24k miles on it!

[Shorty429]

Unfortunately yes!

I was in the same boat as you in my early 20's. So I found a little older R title ZX6R, took a personal loan and gambled the few month I road the bike. It's wasn't that big of a gamble because I only had $3k rapped up in the bike.

You just might have to make a concession on what you WANT to ride ..... to what you can afford to ride! Sometime life gets you like that!

Is there somewhere in the area i can look for an R titled bike? What're the downfalls of this?

[SonofaBish]

basically, they do one of two things.... either they subsidize their motorcycle rates with their car insurance rates.... or, they are creating their motorcycle insurance as a ryder to your car insurance... this would explain their ability to offer low rates and the reason they are no longer willing to write a motorcycle only policy....

[SonofaBish]

Is there somewhere in the area i can look for an R titled bike? What're the downfalls of this?

Adams cycle...

they have tons of bikes that are either r-titled, or have been wrecked.... most of the ones i've seen from there are not r-titled, but have some rash on them... so you can either ride it with a little rash until you get better at riding, or you can purchase some new plastics ...

[SonofaBish]

I have to call State Farm and get a quote! GEICO insures my F-150 and motorcycle. I think I pay a little too much considering I have a company car and I never drive the them. Hell my F-150 is an 2005 with only 24k miles on it!

Its definitely worth a call... I don't know how their car rates stack up against other insurers, but it never hurts to ask... My insurance agent works with nearly every insurance company, so i just let him quote them all and give me the best price... he likes dealing with me, because I know more about the products than he does, so he just needs to tell me a price and give me a benefit grid :D

The miles on your truck likely won't matter - but older vehicles usually cost more to insure... however 2005 isn't that old, so it shouldn't be too bad...