Buying a bike on credit, and insurance?

ook,

I was told by a person at work today that if you buy a car/bike on credit you have to get it insured fully comp? is this true i havent a clue.

thing is i have two options.... Triumph are doing 0% on there credit deals on the daytona 675 and i really really really want one!!

i can wait untill september untill i have the funds and i will also have a years no claims under my bet and thi will enable me to get slightly cheaper qoutes.

at the moment i am getting quoted £1000 to £2000 for fully comp and that is just out of the question so thats why i need to know about the insurance when buying with credit.

the qoutes for third party are only £370!! thats only £70 odd more than i pay for my SV for third party so i could live with that.

i know i am just really impatient but i dont want to miss out on a summers worth of riding if i wait.

can you guys please anser my question. and any advice would be really helpful.

Thanks

You don't have to get it insured fully comp at all but it's a big risk. With the quotes you're getting though you might be better off getting the odd new fairing or frame if you fall off anyway!

[SoulKiss]

Originally Posted by wtdafk

ook,

I was told by a person at work today that if you buy a car/bike on credit you have to get it insured fully comp? is this true i havent a clue.

thing is i have two options.... Triumph are doing 0% on there credit deals on the daytona 675 and i really really really want one!!

i can wait untill september untill i have the funds and i will also have a years no claims under my bet and thi will enable me to get slightly cheaper qoutes.

at the moment i am getting quoted £1000 to £2000 for fully comp and that is just out of the question so thats why i need to know about the insurance when buying with credit.

the qoutes for third party are only £370!! thats only £70 odd more than i pay for my SV for third party so i could live with that.

i know i am just really impatient but i dont want to miss out on a summers worth of riding if i wait.

can you guys please anser my question. and any advice would be really helpful.

Thanks

You dont HAVE to go fully comp - but you would be an idiot not to.

Scenario, you drive off the forcourt, misjudge the next corner and the bike goes under a bus.

You now owe for a bike thats been written off, so you are paying the full price for a 5 minute ride on the bike.

Cant say wait until you have the money, as I went 0% on my SV, but I would have one last summer on the SV, then wait winter and get the 675 when the REALLY good deals come in AND you get the years no-claims.

I would also get the top-up insurance (the policy that covers you for the difference between what the insurer would pay out and the price of a shiney new bike - its not called top-up cover, but I cant remember what it IS called.

From the quotes and the way you are writing I would say you are pretty young, so dont rush into it because you will miss a summer, because there will be plenty of them to come

[fizzwheel]

I'm not sure of the legalities so won't comment on that.

However, theres a big what if, if you bin it and I hope that you dont, you'll still be paying the load / credit back even though you can't ride the bike or if it gets written off you'll still have to pay the lona back on a bike you dont own anymore.

Which personally speaking I'd find really really frustrating.

Something my old dad said to me once, factor in the cost of the insurance and running costs when buying a new car. If you cant afford to insure it, you cant afford to buy it.

Personally no way would I pay that sort of money for insurance, I'd just wait a bit longer till the cost was more reasonable. Even if the finance deal was good. I had my SV for two years before I moved up to my GSXR, saved alot of money in insurance costs by waiting and I learned to ride better in all that time so that I could get more out of my GSXR to

Probaby not what you want to hear, but dont rush into this its a big commitment.

[fizzwheel]

Originally Posted by SoulKiss

I would also get the top-up insurance (the policy that covers you for the difference between what the insurer would pay out and the price of a shiney new bike - its not called top-up cover, but I cant remember what it IS called.

Its called GAP insurance.

haha two opinions i see the wonders of forum.
well ive been riding bikes since i was 16, im now 23 and had my sV for nearly two years also, i have looked at qoutes for when i have the no claiims bonus and i think the best was around 750 - 800 stlll way more that i want to pay.

havent got the no claims as i have been a named rider and had a few shot gaps in insurance.

i am just trying to weigh up the risks, my logic is probbly bised towards getting it, i was thinking if i have a accident and its my fault, from things i have seen the damage is usally much less that if it was another drivers fault as in some one pulling out i guess.
but also i could mess things up pretty bad if i slam it in to a tree i too.

i suppose another option is to get a second hand one and use the spare cash to get fully comp, but i would still feel really bad handing over all that cash just incase i was to crash.
o and sorry about my typing im usless at spelling and a lazy typer

[fizzwheel]

2nd hand one sounds like a better plan, especially in september time ish as you'll get a better price then when you buy your next bike due to people selling their bikes before winter, which should also help your insurance to.

You say the damage is less if its just you, but my brother rebuilt his RS125 twice from doing silly stuff on it and the 2nd time the bike was off the road for nearly 6 months... due to lack of cash for buying the bits it needed to put it back together again after he high sided it.

Al the time he was paying the finance on it and he couldnt work for a while as he bust his collar bone when he came off.

At the end of the day its up to you. Best of luck with it

"I would also get the top-up insurance (the policy that covers you for the difference between what the insurer would pay out and the price of a shiney new bike - its not called top-up cover, but I cant remember what it IS called"



So if i insure my bike at the price i payed for it and it was still in new condition when it got smashed they wouldent even pay me back the full value of the bike if i dident have this Gap insurance?? i really dont like insurance companys and think thats just silly, if i value something at say 1000 and break it when it is new ild expect to get full price back seems silly paying for 1000 worth of insurance and only getting a % back if it all goes wrong!

[SoulKiss]

Originally Posted by wtdafk

"I would also get the top-up insurance (the policy that covers you for the difference between what the insurer would pay out and the price of a shiney new bike - its not called top-up cover, but I cant remember what it IS called"



So if i insure my bike at the price i payed for it and it was still in new condition when it got smashed they wouldent even pay me back the full value of the bike if i dident have this Gap insurance?? i really dont like insurance companys and think thats just silly, if i value something at say 1000 and break it when it is new ild expect to get full price back seems silly paying for 1000 worth of insurance and only getting a % back if it all goes wrong!

Minute you ride out of the garage the bike de-values by 17.5% - the amount of VAT you paid.

GAP insurance covers this.

I think you need to do more research into what you can expect to pay for that shiny bike - the price on the sticker on it is NOT what you will pay (especially at this time of year) - expect to add a bit to that, especially if you want to modify the bike in any way - things like crash bungs, double bubble screens, Scottoilers, GAP insurance etc. I think I ended up adding £700 to the sticker price on my SV

[fizzwheel]

Originally Posted by wtdafk

"So if i insure my bike at the price i payed for it and it was still in new condition when it got smashed they wouldent even pay me back the full value of the bike if i dident have this Gap insurance?? i really dont like insurance companys and think thats just silly

Remember the bikes depreciate, thats why theres a 2nd hand market. You dont expect to ride around for a year and then be unlucky and have a crash write the bike off and then get the value of the bike back that it was when it was in the dealers do you.

Would you pay full value for a year old bike with 3000 miles on it, in a dealer, no you'd laugh and walk away wouldnt you.

Insurance companies pay out market value for a bike or car when they get written off, you wont get enough money to buy new again. Thats what the gap insurance does it covers the money the bike has lost through depreciation so you can buy new again.