Damn Insurance

I had to get a loan to get this bike and of course they tell me that i have to have full coverage on it in case of an accident. It is killing me that i have to have full coverage cause i dont exactly have the greatest driving record. I can afford it just would rather be paying the bike off sooner cause if i was giving the loan complany what i am giving the insurance company on top of what my payments r it would be payed off in like a lil over a year. Question is i have heard of people getting the insurance and then droppin it the next month or so. I was wonderin if that is possible to get away with cause i really rather not pay this crap. Really really rather not pay this. Any suggestions?

Why would you not want insurance. What happens when your bike get stolen and your still paying off that loan.

Try state farm. They only charge me 700 a year for full coverage.

i know what your going thru. when i was 18 i bought a new 954 for $9400. the full coverage that was required was almost $6800 a year!! and that was with a clean driving record. it was just my age, only transportation, and only thing on insurance (its cheaper if you add bike to your exsisting account).

so i went this route:

added bike to a friends insurance account who had mutiple cars and stuff.(had to say that i was living with them)
paid the one month preium, then cancelled and kept the card they sent me in the mail for any asshole cops that stopped me.
this got me by for a year, when i did it again to renew registration. this also got me on base if your military.

Honda never looked twice at me, and i took almost 5 yrs to pay off the loan.

good luck.

james

i have state farm also, and mine is only 44 a month for f/c; but state farm has some strict policies on driving record so don't know if that would work for you. And just so you know, you finance company requires an insurance binder from the insurance company and is required to notify the lender in the event your policy lapse. Most lenders, at that point will add their own insurance to your loan at a really high premium and you get screwed on it, best to do your own and keep it up

ps...most states have an automated update system, and if you have a card and they check and your ins is canceled....big fine....be careful

well as far as someone stealin it ill b damned cause i got somethin for that ass if they even try. My loan company hasnt even asked for the proof of insurance and progressive never asked if i had a company to report it to, they just took the money and ran withit. so im wonderin if they loan company will even notice cause they obviously aint comunicating with each other. Ill end up gettin full coverage after i pay the thing off just in case somethin does happen to it and by then my monthly payments will be down cause some of the tickets i got will be off by the time i gotta renew and then it will be even more affordable. and progressive is the only place i could even get a quote from cause of so much stupid shite while drivin my cars.

quote:

ORIGINAL: AZ1000rr

And just so you know, you finance company requires an insurance binder from the insurance company and is required to notify the lender in the event your policy lapse. Most lenders, at that point will add their own insurance to your loan at a really high premium and you get screwed on it, best to do your own and keep it up

very true. i work at a bank and one of my jobs used to be just that. i would get notices in the mail from ins companies of those who had either dropped/cancelled/lapsed their ins policy. well then i woud add our own ins and let me tell you it's ALWAYS more expensive than the ins companies. people would call up cursing and say i never authorized you to add your ins. too bad because if you read the loan agreement it STATES you MUST have full coverage and in the event you do not... we will add our own. BAM simple as that.

im payin just over 400 a month just for the damn insurance. thats freakin crazy as shite!!! on top of the couple hundos for the loan a month. i can afford it but just rather be puttin that 400 a month towards the bike or at least some extras that i wanna put on it like a fender eliminator and the turn signals and at least a different exhaust. the whole bike is stock and i know she could be so much more pretty

ouch... 400/mo is A LOT. i feel your pain. have you shopped around and is that the best you can find? as much as i love bikes... i don't think i can come to terms with paying that much a month for ins alone. best of luck to you though!

if you think 400/month is bad then you will laugh at my "quote/ ass reaming" progressive wants 12,000 (yep thats 3 zeros) a year i just laughed at the rep

quote:

ORIGINAL: dizzie56

... Question is i have heard of people getting the insurance and then droppin it the next month or so. I was wonderin if that is possible to get away with cause i really rather not pay this crap...

Insurance company is supposed to notify your lien-holder if you cancel your insurance. Typically, the lien-holder will just automatically add their own insurance payment and that certainly won't be cheap.

I would shop around for your insurance and make sure you are getting the best possible rate.

I'm paying $350 per year on mine, but that's seasonal coverage in Ohio. Between October and April my coverage is only for "occasional" riding and theft, fire, etc. My insurance is through Cincinnatti insurance. I have two cars and house with them as well.

quote:

ORIGINAL: SirJAG

i know what your going thru. when i was 18 i bought a new 954 for $9400. the full coverage that was required was almost $6800 a year!! and that was with a clean driving record. it was just my age, only transportation, and only thing on insurance (its cheaper if you add bike to your exsisting account).

so i went this route:

added bike to a friends insurance account who had mutiple cars and stuff.(had to say that i was living with them)
paid the one month preium, then cancelled and kept the card they sent me in the mail for any asshole cops that stopped me.
this got me by for a year, when i did it again to renew registration. this also got me on base if your military.

Honda never looked twice at me, and i took almost 5 yrs to pay off the loan.

good luck.

james

Kinda like those assholes who don't have insurance and run into you then your out the money...nice logic moron, those damn cops they should not make anybody have insurance.

you dip shit...

how much damage you gonna do with a bike crashing into someone?

i am not talking about driving a CAR without insurance...i am talking about not paying 12k a year for a policy....

so go have a few drinks and drive home please.

james

last time i checked having at least liability coverage was a law in every state in the US....and don't know of a lender, other than maybe mom & dad, that don't require full coverage....so basically this whole complaint is about something everyone knows before they ever by a bike....as for your insurance being extra expensive because of your driving record...I iwll leave that alone, I sure thats not your fault either....bikes are an expensive hobby, if you can't afford it, then maybe you should have something else until you can...I'd sure hate to be riding with you and have you make a mistake and wreck crash into my bike with no insurance....this topic is pointless, complaining about something you have no choice in, whats your next post, i don't want to pay my taxes, think they catch me?

AZ1000RR,

your right, and now that i cooled down i apologize for my previous comments.

on another note though: are you sure 100% that at least liabillity is required in all states on a bike? i have heard that in i think it was Gerogia/florida/somewhere east coast you dont need it?

hell i cant remember.

anyways i know its not right, but when i wanted a bike when i was 18 i needed a way to work around it. so thats what i did.


anyways, i am over it?> good night everyone

sleep well,

james

in fl you do not need insurance, with a bike, as long as you are wearing a helmet with some form of eye protection

Damn. Didnt think everyone would get all pissy about a simple question. In florida u dont have to have the pip insurance but im pretty sure u do have to have the property liability insurance just to have it on the road. I know im suppossed to pay it but just heard a rumor bout people gettin away with not doing so and wondered if it were true.

get a home equity line of credit to pay for the bike. the bike will be considered payed and then you can get liability insurance, only, without collision and comprehensive insurance.....that should get you a cheap, driveable insurance. i've also researched some options to include stolen bikes along with liability. of course, every option you add to your insurance coverage increases costs. good luck.

Progressive and Geico are probably the highest you can get for Sportbike insurance. If you didn't try State Farm I would give them a call. If you have a car also having your Car + Motorcycle saves you big time $$. My Auto insurance is USAA which is probably best there is (imo) so it didn't make sense for me to switch. Even so with State Farm I'm paying $288 every 6 months full coverage and $250 deductable. But thats being 30 years old, no tickets and no accidents. That was still almost $2k cheaper than the nearest competitor a year.

Bottom line up front, you're gonna get screwed on insurance owning a Sportbike, cruiser insurance is next to nothing and they wreck just as much. Also not having insurance is pretty dumb, for those that don't it not only protects you but it protects someone you may hit. Sure insurance is probably one of the biggest scams on the planet but it pays to have it.

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well as far as someone stealin it ill b damned cause i got somethin for that ass if they even try.

Thats real easy to say while you still have your bike, most people that jack bikes don't get caught in the act. Then you'll have nothing but payment for a bike someone else has parted out.

+1 To State Farm. I'm 26 and I pay about $702 a year for full coverage.

Just a side note about state farm....not sure how many other insurance companies do this but state farm doesn't rate bikes by class, merely CC's. For example, I was looking at buying an M109R to satisfy my cruiser cravings from time to time; its 1800 cc's and would cost me $138 a month here in AZ for full coverage w/$500 deductibles, my CBR1000RR, it only costs $44 a month for the same exact coverage. I've be with state farm for years, so I felt comfortable asking the guy why they did this. He said state farm really only offer motorcycle insurance because its customers don't want to have two companies, they simply aren't in the bike business, and secondly, you have to have a pretty good driving record and credit rating to be insured by state farm any way....so they simply use the bigger the motor the more the insurance mentality, would suck if you ride a big vtwin, but for sportbike riders, its a dream, makes me want to buy a 600RR just to see what it would cost.

It would be nice to be able to switch but I cant even get my car insurance on state farm. They dropped me a while back because I was a dumbass lil punk who didnt even realize how fast i was going. Fortunately that has changed (at least when im drivin my truck) but im payin the price for it now definately. I think im gonna end up keepin the insurance and not chancin it at least till october when i have to re-register the bike. Around that time I got a couple tickets coming off my drivin record and maybe i can get with somebody else who will give me a better rate than the one i got now. Progressive is a bitch but its the only thing i can get right now. Shoulda just saved up my money and bought the bike outrite but o well, i wanted to build up my credit a lil more anyways.

quote:

ORIGINAL: RR4me

+1 To State Farm. I'm 26 and I pay about $702 a year for full coverage.