Quick question
06-19-2005, 02:51 PM
#1
EP3n
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Quick question
Im thinking about buying a brand new CBR 600 RR..it will be my first bike...But anyways do you have to have ful coverage or just liability..i have been told both so im not so sure..i heard that as long as its under $10,000 that you only need liabilty
06-19-2005, 03:29 PM
#3
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Re: Quick question
it might depend on who u get the loan from, and if u get a personal loan or a car loan. a car / motorcycle loan I'm pretty sure u have to have full coverage. if u get a car\ motorcycle loan the interest rate would be lower and I would get full coverage on my first bike anyway because its almost a guarantee that ur gonna drop it. It might just be in the driveway but it might be in the street and ur not gonna wanna pay for the damage out of pocket (this hobby aint cheap). so get full coverage I got a new 600rr u wont be disappinted good luck
06-19-2005, 04:17 PM
#6
Chillaxin
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Re: Quick question
Originally Posted by slowr6
unless ur older like 25 and have a clean record, ur gona get fucked on full coverage for super sport bike
Buy used. Get a signature loan, and then you will only pay liability. Full coverage will be well over 1k, so just be smart and buy used as a first bike for all the reasons posted above and in every other god damn thread with the same question.
06-19-2005, 05:20 PM
#7
Go Skins!
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Re: Quick question
I bought an '03 R6 new from Champion Motorsports in Herndon and got it delivered to me for free without any insurance at all. They told me as long as the bike is under $10,000, I don't need insurance. I'm not sure if that only applies to Yamaha, though.
Why don't you call the dealer and find out?
Why don't you call the dealer and find out?
06-19-2005, 07:50 PM
#8
B18C1
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Re: Quick question
Dealer doesnt have anything to do with it nor the price. If you have a vehicle that has a valid registration, you have to have insurance, or pay the $500 un-insured motorist fee. If you have a loan, you are required to have full coverage by all lenders I have ever heard of. You may get away with it for awhile, but at some point something will happen and you will get caught. My friends been 1 1/2 yrs with no insurance, no probs yet. Not sure how long it was for me, or how DMV even found out, but its 3 yrs on SR-22 insurance. Which also is required to be paid, whether you have a vehicle or not.
http://www.dmv.virginia.gov/webdoc/c.../frrequire.asp
"Every person applying for registration of a motor vehicle and declaring it to be an insured vehicle faces stiff penalties if the motor vehicle is subsequently found to be uninsured. DMV suspends all driver's license and registration certificates and license plates issued to the owner of the motor vehicle. These items are suspended until the person pays a $500 statutory fee (collected by DMV and deposited into the Uninsured Motorist Fund), furnishes and maintains proof of financial responsibility (form SR-22) for three years and pays a $45 reinstatement fee, if applicable.
DMV monitors insurance coverage through our Insurance Verification Program. "
DMV monitors insurance coverage through our Insurance Verification Program. "
06-19-2005, 07:57 PM
#9
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Re: Quick question
dmv reinstatement fee is now $75. how they justify that i have no idea, but trust me i learned teh hard way. at least get liability. if you wanna chance no full coverage go for it, but call around and ask around to some guys that have went down, and how much it cost them to repair the bike. sometimes its just worth it to suck it up and pay now if its not to much.