Does anyone who has their bike financed thru HD Financial know what they require you to carry on your bike as a minimum? Trying to get my insurance setup for my new bob, would like to know my upper and lower limits.

Thanks!

 

I have my states minimum with financing thru HD

 

I would imagine the finance company can tell you what the minimum is that they require.

 

You could contact HD Credit and ask but I would assume you would have to have comp incase the bike was stolen or totaled.Any other coverage limits would be up to you.
Also I think you have have proof of insurance or purchase ins thru the dealer before you ride away.

 

I don't recall them telling me I had to have minimums, just that I had to have the comp for the bike to be covered.

 

My bank required comp and collision. They don't care what I carry for liability coverages, because they won't be liable for any of that. The lender just wants to see the bike that they're paying for protected.

 

I have financed a couple of bike with Harley and they only asked IF I had insurance, not what the coverage was.

 

You have to have at least enough comp insurance to cover the bike if you total it...

They don't care about your other insurance - just that the bike is paid for if you wreck it...although your state may have minimums that are required.

You might also look into GAP insurance, since what they pay you off if it's totaled probably won't be enough to cover the loan.

 

Sort of... there is no amount of "comp". The numbers you see on your policy such as 25/50/25 are liability and property damage; which pay for any damage or injury you do to someone else or their property. In my example the numbers mean: $25,000 per person you injure, $50,000 per occurrence, $25,000 in property damage. Comprehensive covers the vehicle for losses sustained in an "other than collision" situation such the unit is stolen or vandalized. The only collision covered under comprehensive is collision with an animal, for example you hit a deer. In the event of an accident you'd need to carry collision coverage to have the bike repaired or receive a settlement check. The payout is based on current market value, not the loan amount or purchase price. No fault states may be a little different.

When financing a motor vehicle you need to carry both comprehensive and collision.

 

Cause if you total it they want their money. The same goes but a house or car also.