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Not having full coverage w/ a lender?

This is a discussion on Not having full coverage w/ a lender? within the Motorcycle Financing forums, part of the General category; A friend of mine was not required to show proof of insurance when he financed his motorcycle. Now he's only ...


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Old 12-28-2008   #1
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Default Not having full coverage w/ a lender?

A friend of mine was not required to show proof of insurance when he financed his motorcycle. Now he's only taken out liability. C?an he get in trouble since the company didn't make him show proof of insurance before taking the bike off the lot
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Old 02-08-2009   #2
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Your friend has made an unwise choice.If he wrecks the bike, he still has to pay. The lender won't care that he didn't get the full coverage like he was supposed to. All they will want is their money.Have you ever heard the saying"Paying on a dead horse"?Your friend could end up paying on a totaled motorcycle if the worst happened.If he had full coverage insurance like he is supposed to, if he wrecks the bike, no-problem, as long as he isn't hurt. Insurance will help him get another bike. ------
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Old 02-19-2009   #3
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Most lenders require full coverage, and to be named as loss payee. If his didn't, that is between him and the lender. ------
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Old 02-27-2012   #4
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Full coverage will be better option for you, as lenders don't want to go in such plans which are not upto the mark. It will be better to contact a dealer who is lending money on such terms.
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