Way around insurance

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Vrugtebome

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Probably going to get serious flack for suggesting this, but lets see.

I am in the market to buy a bike (would be my first). Is there any way, or have anyone managed to get around the "forced insurance" part of the deal. Meaning the bank will only give you the money if you insure the bike. I am going to use it as a leisure item, and am willing to take the risk of not having insurance. Will still get 3rd party though.

So... any ideas? Do you need to specify what you want to buy with personal loans at the bank? Loan shark is a no-go (well, I dont have experience with them and probably dont want). Even thought of asking my employer to buy the bike cash, then I pay them back. But that has its own set of problems.

Anyone else have any ideas? Just not cool that someone forces you to do something, whether you want it or not. These days the insurance costs as much as the repayments on the item
 
Personal loan = waaay more interest,you'd likely pay more money in total back than the bike plus insurance ends up costing you for the term. Just mean's you're either screwed longer or harder if you do sell it again
And while they do ask you what it will be for it's not really checked up on
 
Looks like the going rate for bikes are about 13% interest (well thats the cheapest I have seen so far). So I have made peace that I will be PAYING for this, but I am not willing to let the insurance add to my woes. There must be a way. What would banks charge for a personal loan? Surely it cant be much more than 13?
 
It will be much more. Just get the damn insurance it will be cheaper
 
Vrugtebome said:
Probably going to get serious flack for suggesting this, but lets see.

I am in the market to buy a bike (would be my first). Is there any way, or have anyone managed to get around the "forced insurance" part of the deal. Meaning the bank will only give you the money if you insure the bike. I am going to use it as a leisure item, and am willing to take the risk of not having insurance. Will still get 3rd party though.

So... any ideas? Do you need to specify what you want to buy with personal loans at the bank? Loan shark is a no-go (well, I dont have experience with them and probably dont want). Even thought of asking my employer to buy the bike cash, then I pay them back. But that has its own set of problems.

Anyone else have any ideas? Just not cool that someone forces you to do something, whether you want it or not. These days the insurance costs as much as the repayments on the item
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There are dodgey ways of getting ou tof it, but I wouold rather not put it here. Take the insurance man, you WILL need it I promise you.
 
So you can afford the consequences of writing the bike off but you can't afford the insurance premiums :confused: sorry but that does not compute.

I would suggest to save up and buy it cash. That is also cheaper.
 
Vrugtebome said:
Looks like the going rate for bikes are about 13% interest (well thats the cheapest I have seen so far). So I have made peace that I will be PAYING for this, but I am not willing to let the insurance add to my woes. There must be a way. What would banks charge for a personal loan? Surely it cant be much more than 13?
Click to expand...

Guess the rates for perosnal loan will depend on your individual criteria, not sure if the banks give a standard going rate for personal loans (let us know when you have discussed with the bank). As a general rule its usually not wise to finance boats and motorcycles, but to each his own, also wouldnt mind a Ducatti but will wait a couple of years until other investments are in place.
 
No one should do this because it's completely stupid but you could take out the insurance get the financing then cancel it a month later.
AGAIN DON'T DO THAT SHEAT ITS INCREDIBLY STUPID... but since you don't seem to care there you go.
 
Vrugtebome said:
Looks like the going rate for bikes are about 13% interest (well thats the cheapest I have seen so far). So I have made peace that I will be PAYING for this, but I am not willing to let the insurance add to my woes. There must be a way. What would banks charge for a personal loan? Surely it cant be much more than 13?
Click to expand...

Not much more... just like 23% probably :twisted:.

As to being forced, no one is forcing you to take a loan but yet you want to. One of the conditions is comprehensive insurance. If you are not happy with that, don't get the loan.

If they loan you a money at a lower interest rate (compared to a unsecured loan with high interest rate) due to the security offered by the bike, and you write the bike off (and that can certainly happen) and then don't want to pay them since you don't even have this bike for your weekend/leisure use anymore, what do you propose they do? What's offers them security then?
 
Not so much that I cant afford it, its a matter of principle here. The bike repayment is around R1.8k, and the insurance another R1K. Insurance companies have started with new nonsense now that the premiums MUST go up each year instead of the "usual" down. Ag ja, I know I will probably end up getting insured, but bloody heel, it would be nice to have a say in the matter. Pity about the stupid rate for personal loans. Dont like this system at all. Rant over
 
Vrugtebome said:
Not so much that I cant afford it, its a matter of principle here. The bike repayment is around R1.8k, and the insurance another R1K. Insurance companies have started with new nonsense now that the premiums MUST go up each year instead of the "usual" down. Ag ja, I know I will probably end up getting insured, but bloody heel, it would be nice to have a say in the matter. Pity about the stupid rate for personal loans. Dont like this system at all. Rant over
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Ja, moenie die hand byt wat jou voer nie.
 
EDIT: Read OP properly, duh!!

Get comprehensive insurance and then change to 3rd Party? Dunno if that is an option?
 
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You want a say in the matter? You have 100% of the say in your property.

The right that you claim is exactly the same right that the money-lender (bank) claims. It's their money and they want a say in the matter.

To insist that you have a say but they can't have a say in their property is operating with a double standard.
 
:wtf: Every time I think I've seen it all, I see something else!

WHY do you think banks insist on Insurance??

They HAVE to protect their asset in some way, and the Insurance agents also know that the chances of someone wiping out on a bike are fairly high.

If you cannot afford the combined payment, DON'T BUY IT!

Stupid, stupid, stupid! :rolleyes:
 
CharlieM said:
also wouldnt mind a Ducatti but will wait a couple of years until other investments are in place.
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This is WHY I dont want to wait and save for this, I want it now. Truth is, there might not be a tomorrow, its time to start living. Have made an active effort to live in the moment and not for the future.


I wouldnt want to put anyone else at risk by doing this, will still have 3rd party so Jan Porche will still be safe, I dont want to do this illegally, I just dont want to do it.

NOTE to Charlie: some experience with this. A close friend of mine got diagnosed with BAD cancer, got 6months to live. And he is young. So ja, try to save up, get a learners, get a bike and enjoy it if you are given that deadline. I know its wise to save and then buy. But sheesh, the world is so ruled by money, its time to live, now!
 
Fazda said:
:wtf: Every time I think I've seen it all, I see something else!

WHY do you think banks insist on Insurance??

They HAVE to protect their asset in some way, and the Insurance agents also know that the chances of someone wiping out on a bike are fairly high.

If you cannot afford the combined payment, DON'T BUY IT!

Stupid, stupid, stupid! :rolleyes:
Click to expand...

Dude, its not a matter of being stupid, or trying to screw the banks. If I sign the dotted line with them, then I accept the risk. Its a contract so I will have to pay, whether the bike is written off or not, I am fine with that and I am willing to take that risk, yet they want allow me. Get it?
 
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