I live in Florida, and as far as I know you don't need insurance on a bike. But I was wondering, if I take out a loan to buy it, do I have to get insurance then?
2007-03-21 05:00:50 · 3 answers · asked by Mitch 2 in Cars & Transportation ➔ Insurance & Registration
If the bank loans you money to buy a vehicle, whether it be a car or motorbike, you have to carry comprehensive and collision coverage. If you had the money to pay for the bike, you would not need the loan, right? If you don't have the coverage, and the bike is stolen or wrecked, how are you going to pay the loan? That is why banks require you to carry insurance, and if you do not provide proof, they may place coverage and bill you for the premium.
2007-03-21 20:16:51 · answer #1 · answered by Fred C 7 · 0⤊ 0⤋
It depends. Some banks require you get a specific type of insurance, I'm sorry I can't remember the name. Basically it means if you total the vehicle they still get their money from you. If it's not a law though and the lender does not have that requirement then no you don't have to get insurance. Just don't be in an accident.
2007-03-21 05:05:48 · answer #2 · answered by afderrick 2 · 0⤊ 0⤋
Yes any loan for something that is of value like a car, bike, boat has to have full coverage on it until it is paid off. plain and simple. Banks aren't stupid
2007-03-21 05:10:13 · answer #3 · answered by Uncle Red 6 · 0⤊ 0⤋