WTF!? insurance???

[basshole]

It was a 3 lettered breast....this thing doesn't like lil dirty words i guess!

Get off the "lightbulb" and start making a difference.

Lightbulb???

[Kal]

Am I the only one that wants to play with the word filter to see what it wont catch???

[fiveoboy01]

V, you couldn't really 'afford' your dream bike. You financed it, took a risk, and lost.

I dont know why so many people have such a distorted view of their finances...things are just more complicated than paying the monthly bills. People are so concerned with how much they pay monthly on a car or whatever, they dont even look at the actual 'cost'. I'm not talking about just insurance costs and gear, etc...I mean interest paid over long-term loans, depreciation costs including wear and tear, down payments (which do nothing but lower your total interest paid), taxes+fees that will never be recooperated, accidents/thefts/insurance are all about risk management.

When you finance a vehicle you take a huge up-front risk. As you pay on the vehicle and as time goes on, your level of risk decreases. People need to look at their upfront risk and ask themselves..."If I am squashed by a semi driving out of the dealer parking lot, can I afford what I just dumped on this vehicle and afford to buy another one?"

Most people dont...they get excited about a new car and they say, "well, I can afford $300 a month to cover the costs of owning this...I can afford it!" Wrong.

Your bike just got stolen, you took a huge financial hit. Your car is totalled, you still have to buy a new one of those. You dont have confidence in your job, and you are 25 years old. No, you can't afford your dream bike. You couldn't afford the dream bike you already bought (hence your current situation). You are barely out of high school and already you want the best stuff...maybe you should work on building your life first.

As others have said, if you want to keep riding, get a cheap bike you can afford.

I've been down that road before.

This is the best post in this thread, and it's great advice.

Financing something like a motorcycle is plain dumb, IMO. You end up paying for the bike x2 by the time the loan is paid off.

The only thing worth financing is a home, and MABYE a car.

I just got my first bike 2 months ago and I'm almost 29 years old. I paid CASH for it. Not the greatest bike, but that was what I could afford. I refuse to go into debt for a motorcycle, period.

Verm, go buy a used EX250/500 if you really want to just ride. You can pay cash for it, and it won't be above your skill level like a 600/liter SSbike. Insurance will be cheap, and you won't have to worry so much about it getting dinged up/stolen.

Or forget the bike now and worry about finishing school.

[VermilionX]

i'll still shop around for a 600. if i can get the same monthly payments as i was paying for my previous 1000 even w/ a lower down, i'll buy it.

if not, then i'll just have to wait.

BTW... i got in contact w/ my adjuster and they valued the bike at $9,600. add taxes, registration etc. it went up to 10K+. they'll pay the lienholder $7800 and i'll get $2100.

that sucks!

the bike's only 4 months old when it was stolen, why did they depreciate it so much.

anyway... i tried to ask why im only gonna get so little since i paid 5K down and i made 4 $152 monthly payments.

he said to just bring the sales contract and they'll review it.

i really hope i get more.

[Jamers!]

i'll still shop around for a 600. if i can get the same monthly payments as i was paying for my previous 1000 even w/ a lower down, i'll buy it.

if not, then i'll just have to wait.

BTW... i got in contact w/ my adjuster and they valued the bike at $9,600. add taxes, registration etc. it went up to 10K+. they'll pay the lienholder $7800 and i'll get $2100.

that sucks!

the bike's only 4 months old when it was stolen, why did they depreciate it so much.

anyway... i tried to ask why im only gonna get so little since i paid 5K down and i made 4 $152 monthly payments.

he said to just bring the sales contract and they'll review it.

i really hope i get more.

it went down becuase it was dropped, that probably the biggest reason. 2100 is more than enough for a smaller bike though man, shop around, save a little and you could land a decent bike paid in full in a month or so. As for why your gettin so little, you paid 5608 on that bike, so just deduct that from what the total cost was and thats how much you owned the lineholder, so subtract that from what you got and thats what you get, your 2100. Ya, it sucks, but thats the system

JWF



JWF

[FlyerPhil]

Why finance another bike? Stalk craigslist LA for a 600 if you have to have one. Maybe you can find a used one a few years old that you can buy outright within your budget.

[VermilionX]

it went down becuase it was dropped, that probably the biggest reason. 2100 is more than enough for a smaller bike though man, shop around, save a little and you could land a decent bike paid in full in a month or so. As for why your gettin so little, you paid 5608 on that bike, so just deduct that from what the total cost was and thats how much you owned the lineholder, so subtract that from what you got and thats what you get, your 2100. Ya, it sucks, but thats the system

JWF

nope, the insurance doesn't even know that i crashed.

Why finance another bike? Stalk craigslist LA for a 600 if you have to have one. Maybe you can find a used one a few years old that you can buy outright within your budget.

i don't need to just have another bike. that's why im willing to wait if i can't get one right away.

i wanna have "the" bike and not just any bike.

also, i can't finance a bike right now since my bank account wil be drained. i'll only finance a bike when i get some money on the bank so i can still pay for a bike in case i lose my job while finding another job.

i really don't have a choice but to wait.

[VermilionX]

hmmmm, i have another plan....

so i have 2K in the bank, i'll get 2K from the car accident case, and i'll get another 2K, to say the least, from the theft case.

so that's 6K in total. i'll see if can get a good deal on a 600, install lojack and still have some money left on the bank in case i lose my job.

then i'll register it to both me and my dad so that i can include it in his insurance. i'll just pay him for the bike's share on his premium.

AAA doesn't insure a bike unless you also have a car insured w/ them. AAA gave me the best quotes so far. i checked dairlyland but they don't have bike insurance service in CA.

but then again, i dunno if my dad will agree to that.

i think i can survive w/o a car. i don't have a GF and i don't carry too much when i go to work and school.

maybe there's still hope.

[Kal]

Like I said it is shaping up to be a good summer, be a shame to miss it...

[basshole]

So what good does a financed bike so ya when you get canned from work and can't pay for it and it gets repo'd? You can buy a bike anytime but right now you need to focus on gettting a career.