I know this is probably something that can be posted for EVERYONE to see, but I'm a chick and thought It'd be okay for here though it isn't a chick related question.

I am getting a loan for a new 2007 GSXR I'm getting. Every quote I get for insurance is telling me I must have comprehensive and collission because of the loan. However when I asked the dealer about that, I was told I didn't HAVE to get comprehensive and collision.

I live in Long Island NY. And the difference between getting comp and collision and not is $2,500!!!! So its either $3,000 a year or $400 a year (there abouts).

The insurance company said do more research on that loan from Suzuki because they think I'm getting misinformed from the dealer.

Does anyone know the deal with loans and if all the banks do require comp and coll for sure?

Any tips would be helpful since the dealer is now closed and I have to find out what bank my Suzuki loan would be with to ask them.

Thanks

for a loan on a vehicle pretty much every bank requires you to get full coverage insurance for the term of the loan. if you cancel your insurance anytime during the loan period the insurance company notifies your bank saying so and usually the bank will hold you in default on the loan and will either repossess the vehicle or make you pay the loan off in full

Shop around. Don't even consider getting a new GSXR without full coverage. The theft rate is very very high. ANy type of crash could total it. You could end up paying for the next 5 years for something you do not have

If you use the suzuki financing, full coverage is NOT requiered. I played the same game, everyone telling me you had to have it. Well, this is true if for say you pull a loan from capital one, bank of america, etc... NOT through HSBC suzuki financing. The interest rate may be a little higher, but just use the extra money you save on insurance to pay it off faster. I do have theft coverage on mine though... just not the full monty collision. Goodluck with your decision!

I know this is probably something that can be posted for EVERYONE to see, but I'm a chick and thought It'd be okay for here though it isn't a chick related question.

I am getting a loan for a new 2007 GSXR I'm getting. Every quote I get for insurance is telling me I must have comprehensive and collission because of the loan. However when I asked the dealer about that, I was told I didn't HAVE to get comprehensive and collision.

I live in Long Island NY. And the difference between getting comp and collision and not is $2,500!!!! So its either $3,000 a year or $400 a year (there abouts).

The insurance company said do more research on that loan from Suzuki because they think I'm getting misinformed from the dealer.

Does anyone know the deal with loans and if all the banks do require comp and coll for sure?

Any tips would be helpful since the dealer is now closed and I have to find out what bank my Suzuki loan would be with to ask them.

Thanks

If you finance through Suzuki and keep the loan amount under $6500 I believe they do not require full coverage. Both my cousin have loans through Suzuki and kept it under $6500 and they do not have full coverage on their bikes. I can give you an awesome agency for insurance too since I live on the island also. Also let me know or shoot me an email at njsloans1@yahoo.com

Actually, as a motorcycle is considered a recreational vehicle, you are only required by law to have the state legal minimums for insurance. The loan is an UNSECURED loan. So the vehicle isn't used as collateral.

And.. Suzuki Financing has a clause that if the motorcycle is set on fire and irrecoverable, or stolen the loan goes to 0.

I have Personal Liability and Personal Damage on my bike. Michigan SUCKS for insurance.

for a $500/$500 with uninsured motorists on my K7 600, the total is $2600 a year.

Yeah, more in insurance then the bike costs. ($266 a month for insurance, and $140 a month for the bike itself).

save up, pay cash, buy liability coverage only.

do the math; in two years you could get a nice used bike for what you would pay for collision/theft insurance and loan interest alone! never mind paying the loan balance!!

three years, you could get a new one! haste makes waste!

even invested in lowly CDs, $3,000 would earn $300 in interest in two years!

oh, one problem with this plan is that you won't want to let it out of your sight unless your have theft insurance. when out, i park where i can see it. when home, keep it in the garage with a doberman!:biggrin

Hey, just go on progressive.com, that's who I have my insurance from, pretty cheap. Online, just tell them that you own the bike and dont make payments.

Hey, just go on progressive.com, that's who I have my insurance from, pretty cheap. Online, just tell them that you own the bike and dont make payments.

I don't reccomend doing what this person is suggesting.... NOT A SMART IDEA!:hammer

Whatever you do, get full cover. I hope you have a garage to keep you bike too.

I got a quote for $450 FULL coverage from State Farm. Worries are over. Thanks everyone!

I don't reccomend doing what this person is suggesting.... NOT A SMART IDEA!:hammer


Thanks I figured that out. Maybe it was a joke.

I got a quote for $450 FULL coverage from State Farm. Worries are over. Thanks everyone!
Good to hear. More than what I pay, but still.....;)