I bought a used bike and have a loan from navy fed. Is it like a car, do you have to carry full coverage insurance????

 

check with the navy fed., every loan company is different, but i THINK the rule in VA is if you finance more than $10,000 you have to have full coverage... but then like Suzuki finance acts like a credit card, so even if you owed $15,000, you really owe against the credit card, not the bike, so its sort of considered paid for and you don't need full coverage... so basically i have no idea in your case

 

Was the loan specifically for the bike? If it was, and not just a personal loan, it seems like they would have mentioned any required insurance to you.

 

He got the loan through Navy Fed Del............................


It doesn't matter the amount financed. The question; like zero cool asked, is wether or not you got a used auto/bike loan or a personal loan.

If you got a personal loan you have the title in your hot little hands and you only need minimal liability for Va (or whatever state you may have it registered in).

If you got a used auto/bike loan it won't matter if you only financed 3k; you have to have full coverage because you don't own it yet.........the bank does. And the bank requires you to have full coverage.

 

i seriously believe you have severe schizophrenia, because one minute you make a completely normal well thought out post, and then the next minute you make a completely idiotic post... notice how the very first words i typed were "check with your navy fed", i just answered his question in general since i don't know anything about navy fed specificially, sometimes you need it, sometimes you don't

and your showing your ass again, i financed my car for $9,999 and didn't need full coverage because it was below the $10,000 cap, even though i didn't own it outright, so your 100% incorrect there, the amount financed can matter depending on who your lender is, they all have different policies

 

This coming from the guy who decides to give advice like this:


and then adds:



I don't know what kind of camel jockey claims to be a bank back room deal you got, but every BANK that I know of makes you get full coverage on a vehicle that you have financed with. And I personally have been banking with Navy Federal for the last 11 years...........so I might have some idea of what I'm talking about and that's why I felt the need to correct your mistake and give this guy the RIGHT information for HIS situation; not YOURS.

Unless you were talking about the Yamaha, Honda, Suzuki and Kawi cards. But even with those..........Suzuki is the ONLY one where you don't have to have full coverage. But you said you bought a car??? Let me know what bank it is and we'll get this hashed out because I'm still having a hard time believing that a BANK lent you 9,999 for a car and doesn't make you put full coverage on it.


I have bought cars on credit cards before.................one was 12k. I STILL didn't have to put full coverage on it because the title was at my house, not the credit card head office. So you can ramble on and on about your 10k cap....................but you still: what you're talking about.

 

your a complete idiot... i got it with Virginia Credit Union, so not sure how such a highly regarded back is a "back door deal", and you can copy paste my comments all you want to make me say whatever you want but like i said in regards to navy fed specifically i have on idea, but financing and insurance in general i do know some stuff, everyone seems to like me on the net because i treat people decent and give the best advice i can, and yet your the one thats been banned and has multiple enemies on every forum he posts on, so i think that speaks for itself...

i made no mistake and you corrected nothing, i just gave him the information i had and warned him that it might not apply and advised that he should check with navy fed, which is bottom line the best advice, who else would know better but them directly?, so its up to him to process that information, but don't worry i'm not the only one that sees how ignorant you are, you wouldn't believe how many PM's i've gotten through all our internet arguements from other people saying stuff like "don't worry, that guys a dumb ass LOL", you might get the same about me, but i doubt as often

 

 

Well I got a quote from progressive for $1248 a year for full coverage.. Is that about right?

 

for what bike?

i got a quote from state farm for 700 a year for a 2000 CBR600F4 full covereage, Im only 19 with no tickets.