Your Motorcycle Loan
Motorcycle Loan and Insurance
Most finance companies will allow you to add the cost of your insurance the motorcycle loan for your bike.
But there are a couple of important things to beware of:
The insurance you are adding is for one year only, but the length of your loan agreement will almost certainly be much longer.
So next year you will be paying for part of this year's insurance as well as the first year's! Not smart.
And that's before you consider the interest on the loan.
So, if at all possible, pay the insurance (or most of it) in cash, or at least with a monthly deal with a broker - they normally only add a small amount for time payments.
Collision Coverage Angle...this could save you $$thousands......but....
The fact is that insurance is incredibly expensive for young riders. Its not difficult to see a $3,000 Premium for a new Suzuki GSXR1000. Thats 30% of the cost a year. This shows the risk of young riders on fast bikes, and the damage they can do.
But many motorcycle loan companies will allow you to omit the collision coverage for bikes costing under $10,000. This can cut your insurance in half....but means you won't get your bike repaired by the insurance if you wreck it! Think very carefully before going for this!
These are just a few of the factors to consider when shopping for motorcycle loans, the secret is to do some homework both on the finance and insurance costs.
Most finance companies will allow you to add the cost of your insurance the motorcycle loan for your bike.
But there are a couple of important things to beware of:
The insurance you are adding is for one year only, but the length of your loan agreement will almost certainly be much longer.
So next year you will be paying for part of this year's insurance as well as the first year's! Not smart.
And that's before you consider the interest on the loan.
So, if at all possible, pay the insurance (or most of it) in cash, or at least with a monthly deal with a broker - they normally only add a small amount for time payments.
Collision Coverage Angle...this could save you $$thousands......but....
The fact is that insurance is incredibly expensive for young riders. Its not difficult to see a $3,000 Premium for a new Suzuki GSXR1000. Thats 30% of the cost a year. This shows the risk of young riders on fast bikes, and the damage they can do.
But many motorcycle loan companies will allow you to omit the collision coverage for bikes costing under $10,000. This can cut your insurance in half....but means you won't get your bike repaired by the insurance if you wreck it! Think very carefully before going for this!
These are just a few of the factors to consider when shopping for motorcycle loans, the secret is to do some homework both on the finance and insurance costs.
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