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Discussion Starter #1 (Edited)
I got a $2200 loan through Honda for the bike, and I was told Honda requires insurance for their loans. What I forgot to ask was does it have to be full coverage or just to cover the bike? Because I just got a couple quotes of over $3000 a year full coverage. I'm 20 female and took the motorcycle safety course, I have an accident on my record but it drops off in 2 weeks. But thats over $280/mo which is insane.

My question is basically do I have to have full coverage on a Honda loan or does anyone even know? Thanks!
 

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Where are you located?
In Ontario Canada you have to have full coverage if you are getting any financing done. If you just want basic insurance I suggest you get a personal loan or line of credit for the $2200.

Not sure how it works in the US.
 

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Discussion Starter #3
I'm in Washington state, US.
I know full is required on cars but my boyfriend has a Suzuki and insurance isn't required at all on his loan. The loans through someone else not Suzuki.. But I think dude said Honda requires it for their loans.
But here in Washington insurance isn't required on motorcycles, just cars. It just depends if your loan holder requires it.
I didn't take a personal loan or credit because I wouldn't have gotten as good of a rate.
 

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I don't have an accident, but I have full coverage (minus the health insurance, that is at a minimum) and I only pay about $150 for the year. Try progressive.
 

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Take Cubbi's advice and look at different companies for insurance.
If you can't get a good rate from another insurance company do the math on what you would pay in interest for a personal loan/line of credit to paying $3000 for full coverage.

Just my thoughts.
 

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Discussion Starter #6
Yea I will try progressive next. But so far I have tried 4 different insurances quoting about $3200-$3800. Usually they don't even care about the accident because like I said it will be off my record in 2 weeks anyways.
That's a good idea too, I'll see what the difference is after I check a couple other places.
 

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check state farm too cause i was on progressive because that is what USAA said to use for best rate and i was signed up for 70 bucks a month but then started price checking other places and got statefarm for only 15 bucks a month with no safety course or M endorcement on my lic.
 

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as of right now i had to get full coverage to even take the bike home,i got progressive to start with,it was going to be around 70 a month,but if u took the MSF course they will take 10% off,so ull pay like 61 a month. im going to try state farm to see if i can get that 15 a month to! lol.

gotta make sure the company see's the bike as a 250 and not a 600cc+
 

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I pay 150ish a year for full coverage. Its 300 a year for both the CBR and the Sportster thru Liberty Mutual. Wife only gets a one dollar discount when she takes the safety course.
$3000 a year is insane. Unless you get a personal unsecured loan I believe just about everywhere in US that youd have to have full coverage.
 

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as of right now i had to get full coverage to even take the bike home,i got progressive to start with,it was going to be around 70 a month,but if u took the MSF course they will take 10% off,so ull pay like 61 a month. im going to try state farm to see if i can get that 15 a month to! lol.

gotta make sure the company see's the bike as a 250 and not a 600cc+
yea progressive strait told me they price the bike as a sport bike not as a 250 they said if i had a 600rr id be paying the same price where as state farm prices by the CC's so im paying insurance for a 249cc bike.
 

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ill tell the agency to look up state farm,i have farmers insurance on my cars but they wanted a lot of money for the bike.
 

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american honda requires liability only. i did theft and liability on my first bike until my points dropped off and i could afford full coverage
 

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Discussion Starter #14
Alright thanks for all the help guys, sounds like I will have to get insurance. :p
I still have a couple more to call but so far Progressive is quoting me around $35/mo which was the cheapest so far.
 

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Some lenders require full coverage to cover thier assets. Its not officially your bike until you recieve the pink slip, so if you decide to let it go, clean or wrecked, your lender will have to sale it and take a hit on whatever is left on the lein.
 

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One thing you have to check with motorcycle insurance is if it includes medical coverage.
Most policies do not include medical coverage and the ones that do are substantially more expensive.
If you have good personal medical coverage you can drop it from the policy.
I have my policy with State Farm, full coverage $500,000 limits but no medical and it is $12.00 per month.
You need to make sure coverage is the same to make comparisons.
 

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Some lenders require full coverage to cover thier assets. Its not officially your bike until you recieve the pink slip, so if you decide to let it go, clean or wrecked, your lender will have to sale it and take a hit on whatever is left on the lein.
a lot of motorcycle manufacturers don't require this anymore because no one would be able to buy their bikes. most of them are ok with liability only now
 
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