I have purchased two motorcycles and had to take a loan out for both of them, but I could never afford the full coverage insurance that was required by the bank. I found a way around this. If you take out a personal loan instead of a motorcycle loan then you get to keep the title to the bike and if needed us the bike as collateral for something else, but by doing this there is no lean holder that requires full coverage.

 

ya brother, thats what i did!!! plus i'll own it in 2yrs instead of 5

 

the only disadvantage to a personal loan is the interest rate. although motorcycle loan rates are high, personal loan rates are usually 3-8 percent higher.

 

not really the biggest difference is qualifying most places will give you a good rate on personal loan if you have GREAT credit it's the poor people that don't have the best credit that it effects but Line of Credits are a good alternative to vehicle loans too

 

Depending on where you go though i have full coverage on mine for under $250 a year. Im 22 with an 05 600rr in Missouri.

 

who do you have that through

 

Yep, for me, I was quoted around $350 for full coverage. I'll do that next Spring.

 

Just to share with you guys... I just bought an 2005 RR. I called the insurance company, USAA, before I jumped on the bike and they quoted me $96 for 6 months, full coverage. (my over all policy dropped in price when I added my first bike on, funny eh) I think there are many factors for this: I have never had a moving violation, never an accident, my age (30), I'm female, and its my third vehicle on my policy (plus house insurance). With my new bike, I know its only a matter of time for my first speeding ticket. In the mornings, I hang with a bike crowd at the coffee shop, and the CHP bikes hang there too. I sure hope having them as friends helps. We'll see...

 

Hell yeah for USAA....especially if you are a military servicemember.

My loans:

$20,000 (for my Wrangler Rubicon) 5 years, 1% fixed APR for life, 1 year deferred payments with no interest.

$5000 for my '03 600RR, same interest rate, same year of deferred, already payed it off.

BOTH of these loans were unsecured---they dropped the money into my account without any proof of what i was buying, and i have the titles to both in my hands....i haven't even started payin on the jeep yet, and i have the title!

-Adam

 

I pay about $400 for 1 year full coverage. I put the bike in my dads names he is 51 and under his insurance. lol since I am still in college.