If i take a personal loan from the bank for a new motorcycle do i need to have full coverage?
poker22only asked:
i know typically if you go through the bank you MUST have full coverage until you pay it off because the bank has your title. but what if you go into your bank and just ask for a personal loan of xxxx$, could you get away with just liability instead of full coverage this way??
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i know typically if you go through the bank you MUST have full coverage until you pay it off because the bank has your title. but what if you go into your bank and just ask for a personal loan of xxxx$, could you get away with just liability instead of full coverage this way??
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Tags: Full Coverage, Personal Loan, Xxxx
April 23rd, 2009 at 11:47 pm
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yes you do need to have full insurance on the motercycle it is just like a car
April 26th, 2009 at 7:14 pm
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duuude, why would you not have full coverage on a NEW bike?
I think you are correct, though, because you did not put the the bike as security for your loan.
April 29th, 2009 at 10:38 pm
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As long as YOU hold the title on the vehicle you can have whatever insurance the law allows
April 30th, 2009 at 10:25 pm
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If its a new vehicle I know you have to have full coverage…. I think you may have found a loop hole. Go with it =)
May 1st, 2009 at 4:18 pm
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I think you should because the full coverage of the motorcycle is to replace the bike in case of an accident. When you take out a loan you have loan insurance that will cover the loss in case you do not want to pay the loan.