Texas Insurance

Discussion in 'OT Driven' started by The Acclude, Apr 14, 2004.

  1. The Acclude

    The Acclude Makin' love is cool, but sometimes she needs her h

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    Is full coverage necessary on a financed bike, like a car? Couldnt one take out a personal loan from the bank and use most of the $$$(that I have now) to keep the loan amount lower?

    *Looking* @ an 02 SV650 possibly...
     
  2. Boudreaux

    Boudreaux Active Member

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    no, an dwhen i went to the dealer, they quoted me 82 dollars a month for personal injury and compensation and something else....but bikes are not required to hvae full coverage on financed bikes.
     
  3. KeeperOfAcheron

    KeeperOfAcheron I dub thee Sir Phobos, Knight of Mars, beater of a

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    If you buy the bike in full (no loan), you will not have to carry full coverage. If you finance or lease a vehicle, they will make you carry full coverage and normally max deductible of 500$. It can get very pricy.

    You will need to weigh the interest on the loan vs. the cost of the comprehensive and collision coverage on your insurance policy. Personal loans are not easy to obtain unless you have excellent credit and some assets.

    Mind you, with out comp. and coll. coverage, anything that happens to your bike is out of pocket (which is still normally cheaper then paying for the coverage).

    Let me know if you have any other questions...I am a financial/insurance agent.
     
  4. KeeperOfAcheron

    KeeperOfAcheron I dub thee Sir Phobos, Knight of Mars, beater of a

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    Hmmm...maybe its different in Texas, but if you finance a bike, the bank will want you to have comp and collision. This protects them if you wreck the bike, the loan can be paid off with the money paid out. If no coverage, then they cannot be assured that you will not default on the loan.
     
  5. The Acclude

    The Acclude Makin' love is cool, but sometimes she needs her h

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    :cool: thanks
     
  6. Hobie1

    Hobie1 No longer self-employed & now hating life

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    IN TEXAS YOU DO NOT HAVE TO HAVE FULL COVERAGE WHEN FINANCING LESS THAN $7500...

    Even if the bike costs more than that mose dealerships can get around it if you really want to. They will just do two loans on the bike. On for X amount of dollars from the finance company and the other for Y amount on a Honda/Yamaha/Suzuki/etc./etc. credit card.

    However, strictly cycles insurance (progressive dealer on gibbons road in Dallas) will probably insure that SV with full coverage for less than a grand/year and liability w/comprehensive for probably under $100/year.

    They insured someone I sold a 996s Ducati to for 2K/year for full coverage and he is 21. Good company, they are cheap, and they are fast when you make a claim...
     
  7. Hobie1

    Hobie1 No longer self-employed & now hating life

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    Are you really an insurance agent? Maybe theft isn't as bad in Nevada as it is here in Texas but if you leave a bike outside unattended, it gets stolen here. If my bike gets stolen I am losing (depending on which bike) 4-8K dollars where as liabilty w/comprehensive is $200/yr.

    I strongly urge anyone with a bike to get AT LEAST theft coverage. I would much rather pay a couple hundred for coverage than thousands for losing the bike, not that I reccomend it, but if you have theft coverage and you total the bike, it could always end up in the lake rather than spending thousands to fix it...
     
  8. The Acclude

    The Acclude Makin' love is cool, but sometimes she needs her h

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    I had a friend who had the same "misfortune" with his civic si.

    that really helps because Im trying not to finance anything else my tls with full coverage & car payment is >600/mo 330payment/300ins, but if I can get a good rate on insurance, then I wouldnt mind just liability, because itll always be inside @ my house if Im not riding. Take it to work once in a while etc.
     
  9. KeeperOfAcheron

    KeeperOfAcheron I dub thee Sir Phobos, Knight of Mars, beater of a

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    Yes I am a agent. And for a company everyone has heard of. I would also agree that if I had a bike, I would keep at least comprehensive coverage. My clients are well informed of the danger of not keeping this coverage and even sign waivers stating that I have discussed with them with possible risks involved. Theft coverage BTW is called "Comprehensive" or "Other then Collison" coverage.

    Mind you Nevada is quite different. We have HIGH rates here. Most of my younger clients with bikes cannot afford high coverages, so they choose not to carry anything but what is required. I cannot force them to carry coverages, I just do my job by explaining the risks and benifits to carring them.

    I did not know that in Texas if its under 7,500 you didn't need to have Comp. and Coll. Thats a new one to me.

    As for theft in Nevada, I am sure bikes get stolen here often also. Again, another risk I explain to my clients if they choose not to have comprehensive coverage.
     
  10. KeeperOfAcheron

    KeeperOfAcheron I dub thee Sir Phobos, Knight of Mars, beater of a

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    You could be wrong. It completly depends on the finance company used what what they require. There is no general law or standard...If the finance company used requires Comp and Coll after 1,000$ loan, you would have to get it. Maybe the one you used didn't require it until after 7,500$.
     
  11. Hobie1

    Hobie1 No longer self-employed & now hating life

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    not sure on the laws or specifics, I don't finance bikes...It was $7500 in the mid-late 90's, it might be different now, but it's pretty common knowledge and most factory dealers are eager to tell you about it (it's a selling point)
     

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