Help & FAQs    Search BCF    Members    Groups    Events Calendar
Resend my activation email : Register : Log in 
BCF: Bike Chat Forums


Insurance and finance

 Reply to topic
Bike Chat Forums Index -> General Bike Chat
View previous topic : View next topic  
Author Message

wupwup
Nitrous Nuisance



Joined: 18 Oct 2009
Karma :
PostPosted: 00:14 - 26 Feb 2010    Post subject: Insurance and finance Reply with quote
If on the off chance i write off my bike before i pay off the financewill the insurance cover the whole cost or just what ive paid? And what are the down sides to finance? Cheers
 Back to top
View user's profile Send private message You must be logged in to rate posts

duhawkz
World Chat Champion



Joined: 03 Dec 2006
Karma :
PostPosted: 00:29 - 26 Feb 2010    Post subject: Reply with quote
normally what happens is they pay the market rate for that model/age, say you buy it at 5000 on tick then right it off a year later you may get 3500 back from the insurance so you would have 1500 to find to make up the difference

you can take out gap insurance to cover the gap between the final invoice price and the amount you get back from the insurance
____________________
"The guy is a worthless cunt and I honestly believe I would be a slightly happier person if he died." - Chris-Red
 Back to top
View user's profile Send private message You must be logged in to rate posts

wupwup
Nitrous Nuisance



Joined: 18 Oct 2009
Karma :
PostPosted: 00:40 - 26 Feb 2010    Post subject: Reply with quote
duhawkz wrote:
normally what happens is they pay the market rate for that model/age, say you buy it at 5000 on tick then right it off a year later you may get 3500 back from the insurance so you would have 1500 to find to make up the difference

you can take out gap insurance to cover the gap between the final invoice price and the amount you get back from the insurance

thanks. How much would gap insurance be if its a 125? 3rd party f&t at about £300. And would it be included in a fully comp policy?
 Back to top
View user's profile Send private message You must be logged in to rate posts

Ste
Not Work Safe



Joined: 01 Sep 2002
Karma :
PostPosted: 01:06 - 26 Feb 2010    Post subject: Re: Insurance and finance Reply with quote
wupwup wrote:
And what are the down sides to finance?

The disadvantages to finance is that you'd more than likely be able to get a better rate by getting a bank loan and because to get finance you'll be buying from a dealer means that the bike is quite likely to be over priced anyway. To get a much better deal you should get a bank loan and buy privately.

As to how much gap insurance will be for your 125, the easiest way to find out is to get some online quotes. It won't be included with a fully comp policy.

Gap insurance covers the difference between what your insurance pays out and what you paid for the bike. But even with gap insurance, you'll still be paying off the finance as the total you owe the finance company is more than the price tag of the bike. That's the other disadvantage of loans and finance; crash the bike and you're still paying for that bike for the next few years even though the bike is written off.
 Back to top
View user's profile Send private message Visit poster's website You must be logged in to rate posts

wupwup
Nitrous Nuisance



Joined: 18 Oct 2009
Karma :
PostPosted: 09:19 - 26 Feb 2010    Post subject: Reply with quote
Ok thanks. Dont think i will be able to have a loan when im 17. Might see if i can borrow some money from the rents and pay them back. Unlikely though
 Back to top
View user's profile Send private message You must be logged in to rate posts

kenny
Nearly there...



Joined: 04 Jan 2005
Karma :
PostPosted: 13:26 - 26 Feb 2010    Post subject: Reply with quote
i was in the same boat with my newly bought r6 on finance so i got GAP cover only cost me about £250 on top on my 4k finance which worked out about another £5 a month more but worth it i think as it tops up your pay out so your not still paying for a nakered bike
____________________
KeNNy 100cc peugot speedfight 125cc Honda NSR125R 650cc suzuki SV650R 125cc suzuki GZ125 600cc yamaha YZF-R6
 Back to top
View user's profile Send private message Send e-mail Visit poster's website You must be logged in to rate posts

Kickstart
The Oracle



Joined: 04 Feb 2002
Karma :
PostPosted: 13:37 - 26 Feb 2010    Post subject: Reply with quote
wupwup wrote:
Ok thanks. Dont think i will be able to have a loan when im 17.


You can't have a loan or dealer finance in your own name at 17. No difference between the 2.

All the best

Keith
____________________
Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

MarJay
But it's British!



Joined: 15 Sep 2003
Karma :
PostPosted: 13:49 - 26 Feb 2010    Post subject: Reply with quote
wupwup wrote:
Ok thanks. Dont think i will be able to have a loan when im 17. Might see if i can borrow some money from the rents and pay them back. Unlikely though


You can't have ANY type of credit until you're 18 so you're out of luck there I'm afraid.
____________________
British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F; Cheap project: CBR900RR FireBlade
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Ingah
World Chat Champion



Joined: 10 Apr 2009
Karma :
PostPosted: 16:00 - 27 Feb 2010    Post subject: Reply with quote
wupwup wrote:
Ok thanks. Dont think i will be able to have a loan when im 17. Might see if i can borrow some money from the rents and pay them back. Unlikely though


Probably not what you want - but... CG125/equivalent? (i.e. a cheap bike you can afford to buy outright, and crash repeatedly and cheaply Thumbs Up ) - a great place to get started imo.

I bought mine (£500 - a few years back now), and then as i lived at home asked my mum to take me out to buy my helmet (i could afford that but not really anything else!), and thanks to a fast-of-thought/slightly-predatory Hein Gericke salesman laying on the dangers of motorcyling and of getting the "best" helmet etc, my mum offered to lend me the money for the rest of protective gear.

Moral of the story - ask to borrow money for the protective gear (NOT the bike Razz) - make it clear you're getting the bike anyway (or better yet, buy the bike first). This will focus the parental mind on protecting their offspring against road impacts in more just a helmet (hopefully over-riding any tight-fisted desires), hopefully resulting in win.

Well it worked for me Wink
____________________
-- Ingah
 Back to top
View user's profile Send private message Visit poster's website You must be logged in to rate posts

wupwup
Nitrous Nuisance



Joined: 18 Oct 2009
Karma :
PostPosted: 17:57 - 27 Feb 2010    Post subject: Reply with quote
Ingah wrote:
wupwup wrote:
Ok thanks. Dont think i will be able to have a loan when im 17. Might see if i can borrow some money from the rents and pay them back. Unlikely though


Probably not what you want - but... CG125/equivalent? (i.e. a cheap bike you can afford to buy outright, and crash repeatedly and cheaply Thumbs Up ) - a great place to get started imo.

I bought mine (£500 - a few years back now), and then as i lived at home asked my mum to take me out to buy my helmet (i could afford that but not really anything else!), and thanks to a fast-of-thought/slightly-predatory Hein Gericke salesman laying on the dangers of motorcyling and of getting the "best" helmet etc, my mum offered to lend me the money for the rest of protective gear.

Moral of the story - ask to borrow money for the protective gear (NOT the bike Razz) - make it clear you're getting the bike anyway (or better yet, buy the bike first). This will focus the parental mind on protecting their offspring against road impacts in more just a helmet (hopefully over-riding any tight-fisted desires), hopefully resulting in win.

Well it worked for me Wink


ha sneaky. yeah thats a better idea. i know what you meen about getting a cg, indestructable and cheap. and tbh thats probably all i will have the money for. but im looking at a hyosung gt wich is also naked and indestructable. so i think running costs will be abot the same + the depreciation wont be much so in the long run i dont think i will loose any more money, just in the short term.
 Back to top
View user's profile Send private message You must be logged in to rate posts

Doovy
World Chat Champion



Joined: 21 Jul 2008
Karma :
PostPosted: 18:07 - 27 Feb 2010    Post subject: Reply with quote
feel free to argue with me, but i am now 20 - own a car and a motorbike BOTH in my name, having paid for them myself straight out without finance and got the money by working for it.

as i see it - dont buy what you cant afford.

i am sure there many reasons to buy on finance but i havent experienced them...
____________________
Yamaha RXS 100 > Honda CD 250 > Honda Hornet 600 > Honda CBR 600RR > Yamaha RXS 100 > Kawasaki ZX6R J2 > Yamaha FZ1
 Back to top
View user's profile Send private message Send e-mail Visit poster's website You must be logged in to rate posts

wupwup
Nitrous Nuisance



Joined: 18 Oct 2009
Karma :
PostPosted: 19:46 - 27 Feb 2010    Post subject: Reply with quote
doovydoo wrote:
feel free to argue with me, but i am now 20 - own a car and a motorbike BOTH in my name, having paid for them myself straight out without finance and got the money by working for it.

as i see it - dont buy what you cant afford.

i am sure there many reasons to buy on finance but i havent experienced them...


im inclined to agree with you there about only buying what you can afford. but in this instance i think it will be cheaper in the long run because if i cheap out on a bike it will cost $$$ in repairs i wont make back in the resale. whereas if i buy a nice bike it will hold its value better. dont think my parents will be up for getting finance or anything. they dont exactly like me using my savings for it so...
 Back to top
View user's profile Send private message You must be logged in to rate posts

Kickstart
The Oracle



Joined: 04 Feb 2002
Karma :
PostPosted: 20:13 - 27 Feb 2010    Post subject: Reply with quote
wupwup wrote:
but in this instance i think it will be cheaper in the long run because if i cheap out on a bike it will cost $$$ in repairs i wont make back in the resale. whereas if i buy a nice bike it will hold its value better.


Far from it. The depreciation on a newish bike will likely be massively more the repairs to any oldish bike in normal condition.

wupwup wrote:
dont think my parents will be up for getting finance or anything. they dont exactly like me using my savings for it so...


You cannot get finance in your own name, so would need your parents in on it.

All the best

Keith
____________________
Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts
Old Thread Alert!

The last post was made 16 years, 226 days ago. Instead of replying here, would creating a new thread be more useful?
  Display posts from previous:   
This page may contain affiliate links, which means we may earn a small commission if a visitor clicks through and makes a purchase. By clicking on an affiliate link, you accept that third-party cookies will be set.

Post new topic   Reply to topic    Bike Chat Forums Index -> General Bike Chat All times are GMT + 1 Hour
Page 1 of 1

 
 You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum

Read the Terms of Use! - Powered by phpBB © phpBB Group
 
Debug Mode: ON - Server: birks (www) - Page Generation Time: 0.12 Sec - Server Load: 0.81 - MySQL Queries: 14 - Page Size: 84.72 Kb