If I get a loan to buy a sports bike, do I have to get insurance on it?

Question:
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?

Answers:

Car insurance that pays for your injuries when you're in an accident in your car is_______?

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.

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How long does 3 points stay on your licence for?

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.

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How much is insurance for first time drivers 18 years of age/male?

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

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