I've been running a 520 chain for months and it felt sketchy once in a while, and finally broke and locked the rear wheel last week. My dad said he thought that the last kit we got was set for a 530 and thought there was already a 530 on it. I double checked and the broken chain is most definitely a 520.

So my question is.. what will happen if I put my new 530 chain on and it ACTUALLY is a 520 setup? Will it possibly cause a crash? Will it be completely fine?

 

I'm not exactly sure but 530 is bigger than 520. It is either longer pin to pin or wider or both. Either way dont do it. New chain and sprockets are cheap compared to fixing a crashed bike. Look at the complete kits on ebay. Google search "all about motorcycle chains".

 

Check to see if you are running the stock front and rear sprockets. If so, they are 530. I've been running 520 chains on my F2 since 93. Never had a problem. Proper sprockets, alignment of rear wheel, proper lubrication, and correct tension will greatly prolong your chain's life. Like CF said, get a matched set of sprockets and chain. Either will work properly. A 530 chain on 520 sprockets could get ugly quick.

You said the chain felt "sketchy". How so?

 

A 520 chain is indeed narrower, but the key to it lasting, is just like any other part of this sort: don't go cheap, buy something reputable, and maintain it properly, which in this case would be regular cleaning/lubing, and keeping the slack correctly adjusted.

The picture you showed of your new chain had a clip-style master link, and I don't recommend those - a rivet/peen style master link is much stronger and more reliable... this might be what failed on your old chain.

Oh, and yeah, like they said, definitely a no-go with 530 chain on 520 sprockets, the chain will have lash on both sides of the sprocket teeth, and will at the very least, wear extremely fast, and be kind of noisy.

 

Why not just replace the sprockets as well, Its the best thing to do if you want your chain to last (And match).

 

Money, money, money. Wanting to get it put back together but I've got $0. in the bank right now..

 

Your Life, life, life.
If you start mixing and matching chain and sprockets it could be a disaster.
If your chain breaks on the highway, you are in for some serious pain (And alot more on medical bills)
Also, if you are reusing sprockets (Even if the chain pitch matches) it will wear out your chain much faster (more money).
I would just pay the extra $40-50 and do it properly instead of risking much more expenses down the road.