Way around insurance

[Fazda]

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!

Yup and whilst you are "living" for the moment, you are jeopardizing everyone around you - because as sure as God made little Apples, someone who lives for the moment and rides a bike is going to take someone out with him whilst he is trying to live life to the full!

EDIT: Sheesh! That was my 10 000'th post!!

 

[Vrugtebome]

and what if you crash into a Porsche with this bike....how long will it take you to pay off those damages?

Have said, no problem with 3rd party insurance, I will get the cover. So nobody else could possibly be affected negatively in the way I want to to this. Banks will get paid their full amount (whether I have the bike or not), en Jan Porche will get his share if I hit him. So the risk is all mine. But you cant get the risk

 

[Type RSA]

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!

I agree with this, buuuuut. I also live in the moment and have the same issue with waiting. Just think how sad it will be if your moment gets taken away from you and you have to pay for another 5 years on something that you do not have. This will put extra pressure on your budget and you will not be able to get another bike to live in the moment again. So what I am suggesting is to shop around for different insurance? I have a R85 000 Honda, pay R413 for it that includes track days. Maybe give that a go. I am with Alexander Forbes btw and have an awesome contact there. PM me if you want her details

 

[Arthur]

But sheesh, the world is so ruled by money, its time to live, now!

Life's a paradox. In order to start living you need to detach yourself from things. That is pretty much the universal testimony of the sages. Good luck. I do hope you eventually manage to start living.

 

[MagicDude4Eva]

If you have a bonded property, I would apply for an access-bond (or extension of the homeloan) and then finance this way. But since it is a luxury item I would personally not finance it and rather save (but that's just me).

 

[bboy]

Is there no insurance that can charge your per KM?

 

[Vrugtebome]

If you have a bonded property, I would apply for an access-bond (or extension of the homeloan) and then finance this way. But since it is a luxury item I would personally not finance it and rather save (but that's just me).

Now this is something I can consider, so thank you for that. Will look into it

 

[reactor_sa]

If you can't afford the insurance, then you can't afford the vehicle.
I'm paying about 1.8k for a loan repayment, and 1k for the insurance, simply because I can afford the insurance more than I could afford to crash the bike.

 

[Vrugtebome]

So what I am suggesting is to shop around for different insurance? I have a R85 000 Honda, pay R413 for it that includes track days. Maybe give that a go. I am with Alexander Forbes btw and have an awesome contact there. PM me if you want her details

Might just take you up on that, thank you

 

[Fazda]

Just a thought - if you can afford to pay for a Porsche or a Ferrari without inconveniencing anyone, should you have an accident with them, why the hell don't you pay cash for the bloody bike??! :wtf:

 

[Type RSA]

Just a thought - if you can afford to pay for a Porsche or a Ferrari without inconveniencing anyone, should you have an accident with them, why the hell don't you pay cash for the bloody bike??! :wtf:

Won't third party cover that though? he did say that he would at least take 3rd party.

 

[bboy]

The guy has a valid argument.. maybe think about what he has said.

 

[Fazda]

Won't third party cover that though? he did say that he would at least take 3rd party.

Possibly - I still think he's nuts!

The guy has a valid argument.. maybe think about what he has said.

Valid in what way? The bank has an asset, that asset needs to be insured in order to protect the asset. He doesn't want to insure it, because it goes against his principles - what is left to consider? He's being bloody unreasonable.

 

[Type RSA]

I would never ever drive around on our roads without insurance. Not only for the bank's peace of mind, but my own as well.

 

[Vrugtebome]

Possibly - I still think he's nuts!


Valid in what way? The bank has an asset, that asset needs to be insured in order to protect the asset. He doesn't want to insure it, because it goes against his principles - what is left to consider? He's being bloody unreasonable.

Regtig? I will spell it out if you wish. I have no gripe with paying the bank what I owe them, nor paying my 3rd party insurance (which covers R3 million, so technically I could aim for the Porche bumper if I wanted to). So I want the bank to give me money, at their interest rate, and I agree to pay back every cent of it, thats why I sign a contact. Why do they need "cover" from the insurance, I have already agreed to pay them in writing. Is it that they dont want the pain of actually suing people? They have no problem to claim your assets if you dont pay. SO WHY THE NEED FOR FORCED COMPREHENSIVE INSURANCE, I simply do not agree with it

 

[biena]

They have no problem to claim your assets if you dont pay.

Your bike will be the surety for the loan, they can take it back if you do not pay, accident/theft/whatever and no comprehensive insurance then they have no guarantee that you will continue paying. Going to court no guarantee that they will win, not even a guarantee that you have any other assets to claim.

Do you even understand the difference between secured and unsecured debt ?

secured there is a asset involved which they can claim when you screw up.
unsecured there is nothing, the bank can take legal action but there is no guarantee on recovering the debt.

Go take out a personal loan and stop being unreasonable.

 

[biena]

nor paying my 3rd party insurance (which covers R3 million, so technically I could aim for the Porche bumper if I wanted to).

btw 3rd party is not a cure all.

Person backs out of driveway, you crash into them. you are liable for 50% damages.
Oh you want to fight it well go hire a lawyer since your 3rd party insurer will not provide legal assistance.
Happened to an acquaintance of mine.

 

[supersunbird]

Regtig? I will spell it out if you wish. I have no gripe with paying the bank what I owe them, nor paying my 3rd party insurance (which covers R3 million, so technically I could aim for the Porche bumper if I wanted to). So I want the bank to give me money, at their interest rate, and I agree to pay back every cent of it, thats why I sign a contact. Why do they need "cover" from the insurance, I have already agreed to pay them in writing. Is it that they dont want the pain of actually suing people? They have no problem to claim your assets if you dont pay. SO WHY THE NEED FOR FORCED COMPREHENSIVE INSURANCE, I simply do not agree with it

Because your asset might be a total wreck in some junkyard, with no value so no asset to claim. And many people don't want to pay for an asset they cant even use anymore.

 

[Fazda]

Regtig? I will spell it out if you wish. I have no gripe with paying the bank what I owe them, nor paying my 3rd party insurance (which covers R3 million, so technically I could aim for the Porche bumper if I wanted to). So I want the bank to give me money, at their interest rate, and I agree to pay back every cent of it, thats why I sign a contact. Why do they need "cover" from the insurance, I have already agreed to pay them in writing. Is it that they dont want the pain of actually suing people? They have no problem to claim your assets if you dont pay. SO WHY THE NEED FOR FORCED COMPREHENSIVE INSURANCE, I simply do not agree with it

Sorry, I didn't realise that you walked on water.

Apart from you, 99.999% of the people would walk away from an uninsured write off if they still owed money on it - the bank is protecting itself from them - obviously not those who walk on water.

 

[Arthur]

It all depends on your relationship with your fave usurer/moneylender/bank. If they know who you are and you have a good record of paying debts, then negotiate. If not, you have little choice but to accede to their requirements if you want them to give you their money to use. I don't know for sure as I'm not a banker, but I suspect most SA commercial banks have some experience in the risks associated with financing these sorts of toys, which would explain why they have such a requirement.