# Is collision required on financed bikes?
**URL:** https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203
**Category:** NYSpeed Automotive
**Created:** [May 18, 2010, 7:45am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203 "2010-05-18T07:45:29Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@boxxa](https://forums.speedlife.net/u/boxxa)
#### Post date: [May 18, 2010, 7:45am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/1 "2010-05-18T07:45:29Z")
I have been looking around at bikes this year and have always liked GSX-Rs and since I learned on a R6, always been a fan. They both have crazy financing deals @ 1.99% and I have money sitting in an account that is earning 3.5%, I am debating financing it for 48 months and then keeping the cash in the account. The financing that I have seen is fixed payments, not $99/month for 24 months and the rest are at 19% interest.
Would it be required by loans and any factory financing offers to carry collision? Having a 100/month insurance payment vs a $400/month payment would be the only bad reason for financing it that I can see.
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### Author:  [@Bull49](https://forums.speedlife.net/u/Bull49)
#### Post date: [May 18, 2010, 7:49am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/2 "2010-05-18T07:49:15Z")
yeah, most insurance companies require it.
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### Author:  [@boxxa](https://forums.speedlife.net/u/boxxa)
#### Post date: [May 18, 2010, 7:52am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/3 "2010-05-18T07:52:17Z")
> [@Bull49](#):
>
> yeah, most insurance companies require it.
Oh ok. I couldn’t find it its mandated by the insurance company or if its mandated by the financing institution.
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### Author:  [@97FormulaWS-6](https://forums.speedlife.net/u/97FormulaWS-6)
#### Post date: [May 18, 2010, 8:01am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/4 "2010-05-18T08:01:19Z")
It’s mandated by the finance companies. 99% of them require it.
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### Author:  [@system](https://forums.speedlife.net/u/system)
#### Post date: [May 18, 2010, 8:09am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/5 "2010-05-18T08:09:51Z")
Yeahp…
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### Author:  [@Bull49](https://forums.speedlife.net/u/Bull49)
#### Post date: [May 18, 2010, 8:19am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/6 "2010-05-18T08:19:26Z")
> [@97FormulaWS-6](#):
>
> It’s mandated by the finance companies. 99% of them require it.
that’s what i meant.
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### Author:  [@Motocrossx23](https://forums.speedlife.net/u/Motocrossx23)
#### Post date: [May 18, 2010, 8:21am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/7 "2010-05-18T08:21:54Z")
Full coverage for all financed bikes.
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### Author:  [@Spam16v](https://forums.speedlife.net/u/Spam16v)
#### Post date: [May 18, 2010, 8:37am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/8 "2010-05-18T08:37:06Z")
HSBC doesn’t check, and I was told when i got mine new i could remove it after the first month… but that would be stupid, and financially irresponsible, plus full coverage on my bike is $250 a year.
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### Author:  [@Willybeen](https://forums.speedlife.net/u/Willybeen)
#### Post date: [May 18, 2010, 8:38am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/9 "2010-05-18T08:38:58Z")
WRONG. depending on how its financed
the yamaha cards/kawi cards/etc etc… dont require it, unless 10k (i think) or more was financed…
**That being said, if you dont have it, you’re retarded…**
There is nothing worse than a 400 lb paperweight. that you owe 5k on. (and cant repair/replace)
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### Author:  [@Motocrossx23](https://forums.speedlife.net/u/Motocrossx23)
#### Post date: [May 18, 2010, 9:05am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/10 "2010-05-18T09:05:19Z")
^ That’s true, I forgot about the special financing.
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### Author:  [@jay\_g](https://forums.speedlife.net/u/jay_g)
#### Post date: [May 18, 2010, 9:15am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/11 "2010-05-18T09:15:42Z")
Also those fixed rates my only allow you to finance for 36 months. Obviously its smart to read the fine print.
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### Author:  [@Willybeen](https://forums.speedlife.net/u/Willybeen)
#### Post date: [May 18, 2010, 9:53am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/12 "2010-05-18T09:53:57Z")
edited… just for those who might not pay attention.
also, those 99 a month for 24 months, leave you owing 10k on an 8k bike at the end of the term… and the bikes only worth 5-6 at that point.
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### Author:  [@JayS](https://forums.speedlife.net/u/JayS)
#### Post date: [May 18, 2010, 10:29am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/13 "2010-05-18T10:29:46Z")
Oh come on WillyBeen… you’re being too short sighted.
If you’re irresponsible enough to finance a toy you can’t really afford and not carry collision chances are the inevitable wreck you’re going to be in on the bike will be bad enough that you won’t be around afterwords to worry about paying off the loan. So in that respect, maybe not carrying collision makes sense. 🙂
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### Author:  [@rdandy5875](https://forums.speedlife.net/u/rdandy5875)
#### Post date: [May 18, 2010, 10:35am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/14 "2010-05-18T10:35:31Z")
Willy is right when I financed my r1 it was under 10k and I didn’t HAVE to put collision on it.
And +1 who the fuk wouldn’t, bikes get stolen all the time, crashes are inevitable. Complete loss??? no thanks…
Friend of mine doesn’t carry full on his new bikes, even though he pays cash he’s had one crash, not his fault, and only got like $3k for the rest of it, 08 1000rr. That’s like a 7k loss in a year.
It helps to be older with a clean record though, I was paying about $500/yr full coverage a couple years ago…Some kids have to pony up $2-3k/yr. If that’s the case get a cheaper bike…
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### Author:  [@08GT500](https://forums.speedlife.net/u/08GT500)
#### Post date: [May 18, 2010, 10:44am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/15 "2010-05-18T10:44:26Z")
Yeah, the lender wouldn’t let me remove coverage when I stored mine over the winter. Better safe than sorry I suppose.
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### Author:  [@boxxa](https://forums.speedlife.net/u/boxxa)
#### Post date: [May 18, 2010, 11:04am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/16 "2010-05-18T11:04:56Z")
Its still 25 years old that really changes your insurance right? I am 25 in a week. A 2007+ Sportbike is gonna run me 1300 for 6 months through GEICO and thats with a clean record. I gotta call tho and have them run one with my government discounts.
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### Author:  [@Willybeen](https://forums.speedlife.net/u/Willybeen)
#### Post date: [May 18, 2010, 11:10am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/17 "2010-05-18T11:10:00Z")
progressive will most likely be the cheapest… my insurance in 2-400 depending on full or just comp…
i was 23 with a zx-10r…
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### Author:  [@boxxa](https://forums.speedlife.net/u/boxxa)
#### Post date: [May 18, 2010, 11:27am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/18 "2010-05-18T11:27:48Z")
^oh dear god. I just ran a progressive quote with collision and its less than 150 a month.
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### Author:  [@Willybeen](https://forums.speedlife.net/u/Willybeen)
#### Post date: [May 18, 2010, 11:48am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/19 "2010-05-18T11:48:43Z")
huh? less than 150? that sounds very expensive…
call them
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### Author:  [@rdandy5875](https://forums.speedlife.net/u/rdandy5875)
#### Post date: [May 18, 2010, 11:52am UTC](https://forums.speedlife.net/t/is-collision-required-on-financed-bikes/155203/20 "2010-05-18T11:52:01Z")
The cheapest for me was state farm but I had to give them my cars too. Then they do a hella discount for the bike. I was paying under $50/month for the bike, full coverage… 26ish, married, no tickets or accidents.
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