no I do not insure my bikes. I am my own insurance company. I have never needed to make a claim on a bike policy either.

2000 a year stays in my pocket. If the bike is stolen or totaled I can take a capital loss on my taxes.

7 year loans? Are you guys nuts? If you can't pay for it in 4 years, you can't afford it!

Banks love long term loans... more interest for them to make.

ever hear of the rule of 72's?

 

I'm all for making friends but I'll ride with anybody as long they like to ride and don't ride like an idiot. The HD separatist social thing that exists with some is a big turnoff to me. Not that HD get togethers are bad.....just that I'll never snub anyone for riding any brand of bike. I just like the way cruising on the Harley feels.....that's the primary reason I'd get the bike. And if I do, I won't be wearing the HD belt buckle, underwear, shoelaces...etc. That's overkill for me.

I was at the gas station the other day while some young hot thing was admiring my crotch rocket (insert joke here) and asking me all about it......I'm pretty sure she was drunk or high though. Then I saw a guy with highly customized VTX 1800 that looked and sounded sweet....so went and checked it out and BS'd with him. Then 2 older guys with Harleys pulled in.....the bikes were nothing special to look at......Harleys are a dime a dozen where I live anyway. But we got to talking and this older guy had 109K miles on his 2000 EG. His explanation was simply "I ride it." And his bike was dirty too........

 

Compounded interest.....paying monthly will compound it more. Rule of 72 is just finding out how long it will take to double your money (or debt) at a certain rate......if you made no payments.

 

Here in CA, if you're pulled over, they ask to show proof of insurance. If you can't or are riding around uninsured, the fines start at around $1300 and if you keep getting caught they can go up to $5K. Not to mention if you happen to cause an accident.......you'll get fined......and god forbid another party is involved and is injured with substantial medical bills.......you can be sued directly. Hell I paid around $400/yr for full coverage on my '04 Wing with State Farm. My crotch rocket is about the same. Your nuts to ride around with no insurance.

 

I carry compulsory insurance as we all have to in Mass. I just don't carry fire, theft, or collision on the bikes. Basic "full" insurance (low limits, high deductible) starts at 1200 a year per bike.. and I am a "step 9" driver (best rated) 30 years experience, no claims, MSF school, etc.

I carry compulsory, fire, theft, and limited collision ( they'll pay if I'm not at fault) on the cars.

Since I have a body/frame shop available to me 24/7/365 if I ever do need to do a repair out of pocket ( BTW it's never happened) I can do the repair for cost of parts/material. And I can still write it off as a capital loss

 

my wife bought mine...she gots dat moola

 

Anybody that cares if somebody else finaced or paid cash needs to check there self esteem it seems to be low!
There are some great rates out there on bikes, like less then some people pay for second mortgage or refinace, that is if you still have good credit.
I think I save about as much in gas rideing the bike everyday as is close to my payment for the bike.
JUST RIDE IT WHO CARES !

 

I'm glad my full coverage is only$240 a year, I think it's worth having insurance on my $18,000 bike.

 

Regarding GAP insurance; probably a good idea especially if you finance more than 50% of the purchase price. But you will find GAP insurance marked up as much as 200% at the dealership. Contact your insurance company; most offer GAP coverage.

 

Just remember...a financed toy is costing you money when your sleeping as interest on a loan never rests until it is paid off.... If a workin' man (woman) thinks about it... you pay top dollar because there is no insentive to give you a good deal because you are not willing to pay cash, and any dealer financed package is a terrible loan package IMO, you must always keep it fully insured even if it sits for eight months a year. Also, IMO we all need to see the writing on the wall... supply has cought up with demand and the days of calling it an investment is something of the past... I know this will not set well with many...since truth offends....