Few questions about a motorcycle!!?
Question by Gavin: Few questions about a motorcycle!!?
I have a few questions about buying a bike(insurance,financing,ect)
My first question is, can you finance a motorcycle WITHOUT being 18 and NO co-signer? I am 17 and I have a job, (same one for just under a year). I own (in my name) a 97 firebird. I pay 153 a month in insurance. Leading to my next question. How much does it cost to insure a bike compared to a car? Same/less/more on average. I am wanting to buy a 94-05 or newer streetbike. (Gsxr,cbr,ninja). If anyone can tell me what my options are that would be great! On a side note, buying a used one from a private seller is also an option
Answer by Ben
At 17 years old you are looking at paying $ 250 to $ 1,000 a month for full coverage on a GSXR, CBR or Ninja. Due to the extremely high rate of motorcycle crashes for teenagers some insurance companies won’t even accept you. When I was 18 years old I was stuck paying $ 70 a month for liability on a ninja 250, full coverage was $ 200 a month. Now that I am 29 years old I pay $ 1.72 a month for liability on a Katana 600. It’s a big difference.
Without being 18 years old nobody can legally finance a bike to you but you may slip through the cracks on this one if they aren’t paying attention.
If you do finance a bike you will be required to have full coverage on it by just about every finance company out there and if you only have liability they will charge you outrageous fees for their “insurance” that they had to purchase for you to make up for your shortcomings.
If you do get a bike just save up for it and buy it outright, that’s about the only way you can get one without getting screwed by the insurance and finance companies.
State Farm goes by engine size, not bike design for insurance rates so they are usually cheaper.
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