You have insurance for a reason!!!

[TheReaper]

This isn't me but a good friend of mine from work. Last Friday while we were at work his bike was stolen from his house. These guys knew what they were doing too. Took the bulbs out of his motion sensing porch lights. Then they picked his bike up over a 3 foot tall brick flowerbed. They did all this without waking up his dad. His room is next to the carport and the windows were open. His truck was parked less than 6 inches in front of the bike. No damage to his truck and no visible marks on the concrete or anything. His bike was in gear and the handlebars were locked. Anyway, it's an '06 GSXR-600. The bike is still being payed for. He was trying to sell it and it's been parked for a few months. He DIDN'T HAVE INSURANCE!!! Now he has to pay for a bike he doesn't have and he still owes over $6,000 on it. The moral of the story... IF YOU'RE FINANCING SOMETHING KEEP IT INSURED!!!

[MXDesa]

Oh man that sucks so bad. I had that happen to a friend as well. Had the bike stolen 2 weeks after he bought it and he was nuts and only had liability on the bike.

[soc_monki]

some people say that you can deter thieves with enough protection. i say hogwash! this proves it...even though it wasnt chained or locked up, it was in a tight spot and they even got it over a 3 foot wall! just goes to show you that if a thief wants something bad enough they WILL find a way to get it.

i thought about going liability only because full coverage was so expensive (upwards of 3Gs a year with the major guys...progressive, geico...) but i went to state farm and got full coverage for 300 every 6 months. a steal for the peace of mind it gives me.

always always always cover your stuff! really doesnt matter what you do a professional thief can and will find a way to beat your defenses. i dont want to be paying for my bike still if it got stolen, that would just suck!

[Upi]

Hmmmm... I thought that if you financed a vehicle, you were required to have full coverage insurance...

Maybe just CA or was the dealing blowing smoke up my bum?

[Markk9]

Most if not all financing companies will require you keep full coverage on your bike, even if you keep it parked. But the don't always keep tabs on you.

Mark

[soc_monki]

depends on the place financing...when i got my bike i asked and they said with the Kawi Credit Card i didnt have to have full insurance, but with a normal loan i would have to.

im sure different states have different laws though. Mississippi is pretty lax on everything LOL

[azwiley1]

Originally Posted by TheReaper

This isn't me but a good friend of mine from work. Last Friday while we were at work his bike was stolen from his house. These guys knew what they were doing too. Took the bulbs out of his motion sensing porch lights. Then they picked his bike up over a 3 foot tall brick flowerbed. They did all this without waking up his dad. His room is next to the carport and the windows were open. His truck was parked less than 6 inches in front of the bike. No damage to his truck and no visible marks on the concrete or anything. His bike was in gear and the handlebars were locked. Anyway, it's an '06 GSXR-600. The bike is still being payed for. He was trying to sell it and it's been parked for a few months. He DIDN'T HAVE INSURANCE!!! Now he has to pay for a bike he doesn't have and he still owes over $6,000 on it. The moral of the story... IF YOU'RE FINANCING SOMETHING KEEP IT INSURED!!!

Umm, why just if you are financing it, I am pretty sure that it is required in all states that you maintain insurance on vehicles.

[RobotRider]

I wonder if it could be covered under the homeowners policy?
It is kind of like a $6,000 burglary.

[Scrambler81]

Originally Posted by azwiley1

Umm, why just if you are financing it, I am pretty sure that it is required in all states that you maintain insurance on vehicles.

Most states only require liability, but the bank that finances a bike will normally require full coverage so in the case of theft or a wreck, the bike will be paid for. I know that in Jersey, if you let your car insurance lapse, the bank can take out a policy and charge you for it, at a very high price. If you don't pay it, they can reposess your car. I assume bikes are the same way. I know my company began repo procedures against an employee that let the coverage on his bike lapse.

[crankin1961]

I've never seen any financing company, bank, or anyone else not require full coverage be in place at all times.... just a way to cover their property and it is theirs untill you pay for it. unless its a house these days that the filthy crooked banks no longer want seeing how they pilfered all that was possible and want the govt to buy or is it us the taxpayers who will be buying these homes.... man i got to go riding more and stop watching these theives on the news every nite

[Markk9]

Originally Posted by soc_monki

depends on the place financing...when i got my bike i asked and they said with the Kawi Credit Card i didnt have to have full insurance, but with a normal loan i would have to.

Pay by credit card is using unsecured credit; it is just a credit card account. If you go through a bank or financing company, you are using the bike as collateral. They will request you insure their investment. State law has no bearing on what your finance company puts in the contract you sign.

Mark

[TheReaper]

To clear up some of the confusion, his bike is on a "Suzuki credit card". Yes insurance is required when financing. He wasn't riding it though and he was trying to save money. He's only 19 so it's pretty steep. I had told him the night before to put insurance on it just in case, but it was too late. However a wallet with ID was found in the field by his house and turned in to local police. Now he's waiting for them to check the kid out. This kid is 16 and is from 2 or 3 counties away from his house. Why was his wallet in my buddy's yard?...

[Morginie]

Sorry to hear about your friends bike, bummer on no insurance.
Don't mean to steal thread but I have a similar story which also involves a sleeping dad.
Back in the day my dad had a custom harley. Worth over $35, 000.
It was in our locked garage, and our house had an alarm system consisting of door and motion sensors. While my dad was asleep they broke into the house through 2 separate entrances. Broke into the garage, got the bike onto a truck, and drove off before the police arrived. We have a second floor patio overlooking the back yard, and there were hook indents because they used grappling hooks to scale the patio! Couple weeks later he sees some of his custom parts at a swap meet Hunch is biker gang stole it.

I wouldn't mind if my bike got stolen (even though I'm attached to it), its sitting in front of the house outside right now. Bought it for $4800, but the insurance company thinks its worth $6700

[alstensby]

I can't get over how much some people pay for insurance! HOLY CRAP! I pay under $300 for the YEAR on my scoot, full coverage and a small deduct! Hell...we don't even pay $2500/yr total for both bikes, both cars, the house and a million dollar umbrella policy!

[Sabre2007/900]

Sorry to hear this one. It stinks that so many folks will take what someone else is trying so hard to pay for. Markk9 hit the situation dead on. The Credit card purchase makes it a different deal. Heck I got my title from the state in two weeks. Most financing would have sent that to the lien holder. Bought on the credit card evidently negated some portion of the lien process in Missouri. Reaper, I really feel for your friend though. Even if they do catch the thieves the punishment will do him little or no good at all.

[ozyran440]

Originally Posted by soc_monki

depends on the place financing...when i got my bike i asked and they said with the Kawi Credit Card i didnt have to have full insurance, but with a normal loan i would have to.

im sure different states have different laws though. Mississippi is pretty lax on everything LOL

See, even though I bought my Versys on the cc I still keep it fully insured. The only thing I wouldn't keep full coverage on is an antique bike, and that's because I don't know of anyone that will fully insure an antique.

There's just too much of a chance something will happen to the bike, and if it does, then you're stuck paying the bill for repairs (or for the stolen motorcycle, if that happens).

[jeffs99vulcan]

Originally Posted by RobotRider

I wonder if it could be covered under the homeowners policy?
It is kind of like a $6,000 burglary.

Originally Posted by Upi

Hmmmm... I thought that if you financed a vehicle, you were required to have full coverage insurance...

Maybe just CA or was the dealing blowing smoke up my bum?

That really SUCKS... there are times when you think you're safe, like at home, a truck in front of it, a wall on the side... it's almost more acceptable if it's stolen from a city street, but right from your own property adds to the violation...

In Ontario (at least, if not Canada) you are required to have insurance if the money is borrowed, BUT the loophole is if you cancel insurance there is no guarantee the finance company will learn of it...

As far as homeowners insurance is concerned, there may actually be hope for that, it's just a phone call...

[Jerrysea]

I have been advised that if you are financing through the company Kawasaki, honda etc. If You finance under a certain $ amount they will not require you have the property part of insurance ( comp & Collision) covered. If your state requires a minimum liabability the dealer is suppose to verify you have that coverage in place before you leave with the bike.

[soc_monki]

Originally Posted by ozyran440

See, even though I bought my Versys on the cc I still keep it fully insured. The only thing I wouldn't keep full coverage on is an antique bike, and that's because I don't know of anyone that will fully insure an antique.

There's just too much of a chance something will happen to the bike, and if it does, then you're stuck paying the bill for repairs (or for the stolen motorcycle, if that happens).

i as well keep my bike fully insured! unless it was old and paid off (like my car...which is still fully insured! LOL) i dont see a reason to not have full coverage. if you only have liability and its stolen...youre out of luck. or if someone hits you and totals the bike it doesnt cover getting your bike fixed or replaced.

its just a no brainer for me. i know some people complain about paying thousands a year on a sport bike...well if that would have been the case i wouldnt have one! simple as that. i did my research before i bought and knew what i would be paying, and expected to pay more than i am. but thank goodness for people recommending State Farm...they dont care if its a sport bike

[slicktech]

Originally Posted by azwiley1

Umm, why just if you are financing it, I am pretty sure that it is required in all states that you maintain insurance on vehicles.

In WA I am not required to hold ANY insurance on my motorcycle.