Insuring a street bike?

gotchu99 · 03-09-2016, 12:48 PM

I

Quote:

Originally Posted by Duc_Z09

Tell him to get State Farm; I insure my Ducati through them. If he's young he's boned regardless because rates for young dudes on street bikes are outrageous. This is because street bikes turn even responsible drivers into complete hooligans (*ahem*

) and young dudes are idiots to begin with. Definitely don't put him on your policy.

State Farm is the best. I pay 180.00 for the year with full coverage on my 09 softail.

Chuck33079 · 03-09-2016, 12:51 PM

Quote:

Originally Posted by gotchu99

I

State Farm is the best. I pay 180.00 for the year with full coverage on my 09 softail.

Given that he's young, buying a sport bike and his credit is bad enough to not qualify fo a $6k loan, I'm guessing his insurance will be higher. Eye-poppingly higher.

mishuko · 03-09-2016, 01:15 PM

Quote:

Originally Posted by vrizzo53

Thanks for all the input I read every single post and took everyone one in our account, like I said I'm not longer insuring him. I will still co sign the loan, he can't sign for it himself because his credit isn't established now a days you need a cosigner to even get a foot in the door... I'm not worried about him skipping... he has money that he inherits I'm not worried one bit about him skipping on the payments...he will have it paid off in a few months... he just got a SC on his 300srt Chrysler so that's why he needs a loan for this. He should have it paid off with in 5 months. Thank you all again God bless. Again I appreciate all the information and input from each and everyone of you

1) if he's working a job his credit WILL improve
2) there are ways to inflate your credit rating in the short term (google can help with that)
3) if he can't get it now, try again in 6 months

anecdote of myself -> i had a 5k CC and was looking to get a 5k LOC as well which got immediately rejected (i was working for about 8 months at that point)

1 year after the rejection i was getting pre-approved credit increases every other month and in total the amount of credit available was way more than 10k. a LOT more actually.

he should wait and save a bit before he does anything imho. whatever your uhh his money is his call.

Quote:

Originally Posted by Chuck33079

Given that he's young, buying a sport bike and his credit is bad enough to not qualify fo a $6k loan, I'm guessing his insurance will be higher. Eye-poppingly higher.

oh probably has a bad driving record too which wouldn't help the cause

kenchan · 03-08-2016, 08:19 PM

My z is covered 310 for the whole faking yr.

vrizzo53 · 03-08-2016, 08:37 PM

Quote:

Originally Posted by kenchan

My z is covered 310 for the whole faking yr.

Sorry for the late reply. I appreciate the advice from everyone. I did not like the idea at first, I did call geico motorcycle insurance and spoke to am agent to square things off. He will now sign for his own insurance without me having to do anything with this insurance, if I were to be primary for the insurance the agent said the risk I am at is that I can get sued as the primary if something God forbid happened. I am going to sign for the bike on the finance part of it (6g) and he will be allowed to ride since it's a registered bike and he can get his own insurance on my bike since he will be the only one riding it. Only downside is if he stops making payments, I will have to take over the loan. (100$ a month I believe) and I know for a fact he will not have that problem. But life is funny sometimes so I still needed a plan if he couldn't make the payments... yeah... I'm 22... I had a pretty crapy driving record from 4 years ago... no dui I had an accident (13k in dmg)...careless driving...speeding 20mph..then petty stuff... so with all that and my Z forget about it. It's going to be lowering soon so I'm happy about it.. I'm sorry it's 2600 I had a typo on my phone

Chuck33079 · 03-08-2016, 08:55 PM

Don't cosign the loan for christs sake. Ever. If they can't get a legit loan on their own, why in the hell would you tie your credit to them? It's nice to want to help out family, but you're making a big mistake.

Rusty · 03-08-2016, 09:05 PM

Quote:

Originally Posted by Chuck33079

Don't cosign the loan for christs sake. Ever. If they can't get a legit loan on their own, why in the hell would you tie your credit to them? It's nice to want to help out family, but you're making a big mistake.

vrizzo53 · 03-08-2016, 09:08 PM

Quote:

Originally Posted by Chuck33079

Don't cosign the loan for christs sake. Ever. If they can't get a legit loan on their own, why in the hell would you tie your credit to them? It's nice to want to help out family, but you're making a big mistake.

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

Chuck33079 · 03-08-2016, 09:17 PM

Quote:

Originally Posted by vrizzo53

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

He doesn't make the payments and your credit gets ******. Never cosign for anything. Someone who doesn't qualify for financing is an unsafe risk for a personal loan. Plus, the bike is still in your name. Even with his own insurance, if he screws up bad enough you can find yourself in court since its your bike.

Memphis370Z · 03-08-2016, 09:19 PM

Quote:

Originally Posted by vrizzo53

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

If that's how you feel, just buy it for him and call it a gift.

Let's play this out... You cosign for the loan. He stops paying you (or never pays you). You get in a not-so-very-secure-financial place and you can't make the payments either. Now you've got a bad trade line on your credit report(s) all because he can't put on his big boy pants and handle his own business.

Chuck33079 · 03-08-2016, 09:20 PM

Quote:

Originally Posted by Memphis370Z

If that's how you feel, just buy it for him and call it a gift.

Let's play this out... You cosign for the loan. He stops paying you (or never pays you). You get in a not-so-very-secure-financial place and you can't make the payments either. Now you've got a bad trade line on your credit report(s) all because he can't put on big boy pants and handle his own business.

This. If you really want to do this, just give him the money. It's the least expensive option in the long run.

Fuzzzy · 03-08-2016, 09:59 PM

Quote:

Originally Posted by Memphis370Z

If that's how you feel, just buy it for him and call it a gift.

Let's play this out... You cosign for the loan. He stops paying you (or never pays you). You get in a not-so-very-secure-financial place and you can't make the payments either. Now you've got a bad trade line on your credit report(s) all because he can't put on his big boy pants and handle his own business.

Quote:

Originally Posted by Chuck33079

This. If you really want to do this, just give him the money. It's the least expensive option in the long run.

These!

It may turn out not to be the least expensive option, but it is definitely the way to cap your potential losses at your initial investment. If you co-sign and things go sideways, you could be up a very unpleasant creek.

mishuko · 03-09-2016, 06:46 AM

Quote:

Originally Posted by Chuck33079

I'd extend that beyond insurance to anything with a dollar sign on it.

to extend the thought... if you're not in bed with that person don't do it.

Quote:

Originally Posted by Chuck33079

Also, $3200 a year insurance on a Z? Good lord.

uhhh I would have been about that if my speeding ticket went through... but op admitted to being a bad driver so nvm.

Quote:

Originally Posted by vrizzo53

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

you're willing to fork up 6k? want to send me some? i'll even give you a free tug.

seriously though your driving record is crap. his is I'm assuming also crap. why can't his parents put him on their title till he starts wearing his tightie whities?

what if he wrecks his bike? what if he runs away? skips bail? steals your gf?

nvm do whatever you like but don't come back here because you'll get a big fat 'we told you so'

Rusty · 03-08-2016, 09:18 PM

Quote:

Originally Posted by Chuck33079

Don't cosign the loan for christs sake. Ever. If they can't get a legit loan on their own, why in the hell would you tie your credit to them? It's nice to want to help out family, but you're making a big mistake.

If he can't make the $100 monthly payment. You will have to. And if he can't make the monthly payment, what makes you think he can make the insurance payment. No insurance and he crashes, bye bye money out of your pocket. He'll walk away, and leave you with a bike payment and a crashed bike. One of the things I learned in life. NEVER loan money to a relative, co-sign for them, or post bail for them.

MagmaRed370z · 03-09-2016, 07:14 AM

Don't do it. Never ever cosign for something like that.

03-08-2016, 08:55 PM	#6 (permalink)
Chuck33079 A True Z Fanatic Join Date: Nov 2011 Location: Houston Posts: 12,265 Drives: 2011 370ztt Rep Power: 29539	Don't cosign the loan for christs sake. Ever. If they can't get a legit loan on their own, why in the hell would you tie your credit to them? It's nice to want to help out family, but you're making a big mistake. scottIN and Memphis370Z like this. __________________ 2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent

03-09-2016, 07:14 AM	#15 (permalink)
MagmaRed370z A True Z Fanatic Join Date: Jun 2014 Location: USA Posts: 1,468 Drives: 14' 370z Sport Magma Rep Power: 13	Don't do it. Never ever cosign for something like that. Chuck33079 likes this. __________________ Sold: 2014 Magnetic Black Base. Current: 2014 Magma Red 370z Sport \| ARK Grip Exhaust \| 25mm HR Spacers \| GTR Button \| DRL Mod

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