Advice needed (Dilemma)
 

Ok, so here is the deal. I have a 07' 600rr. Right now I am debating whether or not I should/ need to sell my bike. Since I am only 20 years old you all probably know that the insurance co's are trying to rape me. So the problem I am having is I really cant afford to have full coverage insurance. Basically I would be rolling with liability,or comprehensive liability.

I know I definitely should have done alot more research before I signed the contract on the bike, but I didnt. [:@]

The "Rents" are hooking me up, they payed my loan off for me, (once again I was getting raped) so now I just make payments to them. Not to mention they hate the thing, as does pretty much my whole family. But it is legal to have the bike with only liabilty, since pink slip is in hand now, but I know with a bike like this I really should have full coverage. Im scared that If I do sale I will be out quite a bit of cash.

What are your thoughts on this? Sorry for long post.

Thanks.

RE: Advice needed (Dilemma)
 

Well, you have it right, you need full coverage on that baby. Its really up to you, I like to look at it as if you can't afford the insurance, you can't afford the bike, but I can't say that I would sell my bike if I could only afford liability. However, you do stand to lose quite a bit of cash if you wreck it or it gets stolen with only liability. What state are you in?

RE: Advice needed (Dilemma)
 

i'd say sell it......even though its a tough decision and hell, i know i wouldnt want to. but look at this forum alone....how many people have had their bikes stolen, or went down all by themselves b/c of one mistake.

you're 20...you've got time, brother!

RE: Advice needed (Dilemma)
 

The money cut is gonna hurt... I would start calling insurance companies and getting quotes and find someone who will let you roll with full coverage for something affordable... I'd do that WAY before thinking about selling off my bike.

Hell, at 25 my insurance through State Farm is like, $31 a month, full coverage... same bike (clean driving record)

RE: Advice needed (Dilemma)
 

I am stationed in Arizona right now.

RE: Advice needed (Dilemma)
 

hell, im w/ statefarm too and i only pay $50 a month.

RE: Advice needed (Dilemma)
 

Guess its time to callstate farm, I doubt its gonna be much cheaper than every other quotes I've gotten so far.

RE: Advice needed (Dilemma)
 

im 23 and for statefarms full coverage i only pay $50 a month. i dont know about other insurance co.'s but statefarm doesnt go by the year of the bike either, only by CC's (and age, i would assume).

do you have a car/truck? put that insurance w/ them aswell and get life insurance (should already have it if you ride). they will give you a discount for having 3 types of insurance w/ them. i understand that all the above may be more than you're paying now. but if you already have a car/truck and life insurance through someone else, you can switch ALL of the above to statefarm and recieve a discount along w/ possibly lower rates.

RE: Advice needed (Dilemma)
 

I pay $27/mo for full coverage, just dropped from $37. 22 here.

RE: Advice needed (Dilemma)
 

oh might help to post your deductible for those giving him some examples.

mine is $250. if i would have chosen the $500 deductible i would only be paying $25 a month for insurance.

RE: Advice needed (Dilemma)
 

Wow guys, I didn't realize that having full coverage is so cheap! Right now I don't have any insurance on my 94 because theres 2 feet of snow on the ground. I usually wait until the last week of March to sign a policy, I'll be 22 then. I suppose I should definitely look into full coverage. Last year I paid what works out to $14 a month for the lowest amount of liability. I just remember going to my local state farm agent 2 years ago and what they wanted for full coverage for a year was more than I paid for my bike.

RE: Advice needed (Dilemma)
 

If you are still making payments....then you should have full coverage. Might be in your contract too.

RE: Advice needed (Dilemma)
 

his parents lent a hand and payed it off and he's just paying them back.

RE: Advice needed (Dilemma)
 

My first quotes were $10,000/yr, no joke. Just keep looking.

RE: Advice needed (Dilemma)
 

Well, its been a couple weeks and I still have no clue what to do!!!!!!

This blows

RE: Advice needed (Dilemma)
 

Martin, I know losing the bike will be a blow but you're only 20 and have so much time ahead of you to get one again when you are more solvent...

I say sell, get the best price you can and buy an older CBR600, you could do a lot worse than an F3, they're good and really cheap now too.

You will still have a good bike and some decent change to pay off stuff...

There is no greater misery spiritually than living beyond your means...it will drain you financially and mentally...

Best of Luck!

Jules

RE: Advice needed (Dilemma)
 

i take it your in the air force and stationed at Luke. might be i dumb thought but see if you get some kinda discount for being military. it just seems that theres discounts everywhere for people serving. might be worth the time to ask.

RE: Advice needed (Dilemma)
 

Don't sell your bike. Skip the insurance.

You are 20 years old, if you are anything like I was at 20 you are a maniac. If you constantly ride thinking 'oh crap, I have no insurance, oh crap I have no insurance' then you will ride much more carefully. It is not like you were riding crazy before, just that you will ride easier now.

Jules is 100% right (as usual). But what is done is done.

Now you have to look at it this way, the only way to get out of getting crushed by depreciation from buying a vehicle that you really can't afford is to ride it as much as possible for as long as possible. You have to look at everything in a $/mile and you probably only have 2000 miles ridden and will take a $3000 beating on the sale. That is $1.5 dollars per mile add in the insurance and you are $2.5 per mile maybe. That is F**kinginsane, and that does't includegas tires oil, lubes, chain.... for that kind of money you can get a Limo to drive you around.

Yes you can sell it and get an older bike but...

An older bike cost as much as a new bike to run (within reason), plus you gotta add your depreciation from the RR to the cost of the newly purchased older bike, so you now have an old bike that you won't like as muchthat costs too much that you still have to ride for 75,000 miles before you can come out whole.

Keep the RR. Ride very very carefully. you gotta ride that bitch until it dies. no insurance, don'tcrash and you'll be fine.

RE: Advice needed (Dilemma)
 

I her triple A has very good cheap insurqnce you might want to check them out. dont sell it. You wil miss it to much when it is gone.

RE: Advice needed (Dilemma)
 

Oh My God...Now I know you are the devil incarnate!!!!! ...Mr Fish are there no depths to which your depravity will sink?? ....

You tempt this young innocent boy to ride without insurance?

I don't know if you have a different set up over there but here in the UK no insurance is the ultimate driving sin... what if you crash and kill someone else?...mow down a whole family?

You're totally evil Mr. Fish and you have to be stopped!

...lol

Jules

RE: Advice needed (Dilemma)
 

Martin Said that:

What I take from this statement is that he wouldn't carry collision, but he was required to carry liability, therefore protecting the public (at least in a financial sense) from rider cause mayhem. Anydamaged plastics orother bike damagewould come from his pocket. In effect Martin would not be a financial menace to others, but only to himself, which he has already done by buying a bike he can't afford and not performing due diligence on the price of ownership. However, since he is in the military, he used the word 'stationed' he would have health insurance to pay for his own injuries.

Since motorcycle accidents tend to be far worse on the rider than the general innocent bystander public and that most 20 years olds have enormous levels of testosterone and adreneline it only stand to reason that our buddy Martin should be fine if he doesn't ride like a maniac and if he does screw up a little, he'll only screw up plastics (cheaper than depreciation + insurance) which really don't always need replacement or if he screw up badly and totals the bike he will probably be a cripple and his military insurance will kick in and a crashed bike will be the last of your worries when you are in a wheelchair for a year. But this is a moot point because the cripple risk is one we all face everyday and deep down we know riding a motorcycle is foolish, but we do it anyway because it is our passion.

So the debate boils down to how much money do you spend to insure a $7000 depreciating assett? $1000, $1500, I put the number at $700, or 10%. If you start spending 20% to insure an assett then in less than 5 years you could have purchased another one (4 years if you think time value of money and compounding). My insurance is $400 for full insurance, if I had to pay $1000 I would not insure at all, when my bike is worth ony $4000, I will get rid of collision.

So the worst case scenario is to have to wait a few years after you total your bike to afford another bike sinceMartin is a smart guy andwould be putting that insurance money into an interest bearing account and not spending it on strippers and booze like most men.

While insurance makes sense formost people, I have faith in our buddy Martin that he can ride like a sane person and not crash his bike therefore negating the need for collision insurance and those assiciated costs.

Others have tried and failed, but you are more than welcome to attempt the impossible. Now I must go finish my plans for world domination.

RE: Advice needed (Dilemma)
 

Ok seems you've wriggled once again out of being totally evil but I still think you're reprehensible.... I may be only a slip of a girl but I'm crack shot with the Holy Water...

I'm taking you down Mr. Fish!!!!


..lol

Jules

RE: Advice needed (Dilemma)
 

Thats pretty risky riding without Ins. :eek:you could lose eveything "IF" something happens thats bad enough, guess I'm too old for this not having ins stuff, but I would not do it I got too much to lose [>:]

RE: Advice needed (Dilemma)
 

Just at the local church...siphoning off all their Holy Water...got a feeling I'm gonna be needing LOTS!!!! ....lol

RE: Advice needed (Dilemma)
 

The mistake of overextending himself financially has already been made.


If he sells the bike he loses massive first year depreciation, maybe 25%, and has nothing to show for it.

If he keeps the bike and rides sane and behaves himself and avoids high risk times of the day and risky behavior, then he may keep keep the bike in one piece or maybe light fairing damage if it is a small spill. He still takes the first year depreciation but he also keeps the bike to enjoy the next few years of depreciation. Not everyone totals their bikes.

If he has no insurance and crashes massively (or gets stolen), then that isbad, no question, but in the scheme of things, your health is the main worry there, not the bike, so it is really a moot point.Many riders never crash hardand those that are very careful crash even less and less hard. His demographic tends to crash alot, so he has to really keep his head in the game and ride smart.

The only absolutes in these scenarios are the depreciation of bike. That is a fact of life, but that decision was made when he bought a new bike instead of a 2 year old RR and this point it is set in stone, And the only way to minimize the pain of depreciation is to ride the bike for a long time, therefore he has to keep the bike.


http://www.youtube.com/watch?v=CVnSG...eature=related

RE: Advice needed (Dilemma)
 

I'm still taking you down Mr. Fish!!!

RE: Advice needed (Dilemma)
 

This is actually pretty funny! Fish you pretty much nailed it on the head, how I have been riding, as in the "Oh sh_t, cant ride stupid, no insurance"

For some reason I completely understand exactly what you have said. Andyour completely right about if I total the bike out,I can buy a new bike in a couple years or so, rather than paying that ungodly amount for insurance.

Thanks for the replies everyone.

RE: Advice needed (Dilemma)
 

Can't your Dad or brother take out the the insurance and list you as an alternate rider ?
Probably a lot cheaper.

RE: Advice needed (Dilemma)
 

What's done is done.....


At the minimal... ride with full liability. I know Progressive's Full Liability covers theft, fire, and other unforeseen accidents in which you weren't involved. They will also cover that family member say something happens. Only thing that isn't covered, is if you wreck the bike yourself, no one else involved. You nor the bike would be covered.

I would recommend keeping the bike if you can financially afford both the full liability insurance and bike itself. Don't take chances riding in the rain, heavy winds, etc. The bike will basically become a toy that you should only ride when the weather is perfect and traffic is minimal.

In the mean time... slow down and keep the driving record in check. My parents tried telling me this back in the day but I didn't listen and Im still paying for it now. [&:]

If you are falling behind in payments towards your bike or your liability only insurance, then sell the bike and take the hit. You're too young to be messing up your credit.

RE: Advice needed (Dilemma)
 

I would check out State Farm like everyone else said. Unless you have a disastrous driving record they will be the cheapest, guaranteed! I love State Farm[sm=smiley20.gif]

RE: Advice needed (Dilemma)
 

Yeah, I recently switched to SF from Progressive and saved a lot of money. Progressive is good but expensive. Only catch with SF is that you have to insure your car with them as well.

RE: Advice needed (Dilemma)
 

Good to hear, it'll keep you alive too... good luck, keep us posted.

RE: Advice needed (Dilemma)
 

since the bike is paid off, keep it....try to make some money somehow and get better insurance.....play the lotto, do some odd jobs in your down time for people, gotta be a hustler meng :D

RE: Advice needed (Dilemma)
 

Keep that bike man, you only live once. Don't make a move you'll regret.

RE: Advice needed (Dilemma)
 

Maybe your parents could insure it for you...they could get a much cheaper rate. Now all you have to do is convince them[&:]

RE: Advice needed (Dilemma)
 

Will take a hell of a person to convince them, being I almost got disowned from them for buying the damn thing. LOL

I guess they are starting to come around to it a little bit, but my dad has worked on the freeways for 20 years now, and has seen countless recks, thats why he is opposed to it.

RE: Advice needed (Dilemma)
 

SF is not the cheapest for me. =[

Why do I feel like they are taking advantage of me? Bending me over and doing what the damn well please.