Insurance on financed motorcycle?

Question

Do I need collision insurance on a financed motorcycle in Michigan? Does it depend on the bank? Anyone know of a bank that doesn't require collision coverage?

Answer 1

There is no bank around that is going to finance a vehicle/motorcycle & not insist that you have collision coverage, it's protecting their investment.

Answer 2

If you fiance any vehicle, the company providing the loan requires you to carry insurance that covers the vehicle in the case of an accident. If the vehicle was totalled, why would you continue to pay for it? They want it covered.

Answer 3

Why would you NOT want Collision coverage? If you don't have it & the bike gete wrecked or totaled, you would be responsable for paying to have the bike repaired or paying off the lender. You should also have Comprenshive coverage & Gap coverage. The Comprehensive pays if the bike is stolen. The Gap coverage pays any amount owed the lender that is not covered by the Comprehensive coverage.  

Answer 4

I do not live in Michigan However I found this link for you to read up on and get some interesting facts from.

best wishes BE SAFE, watch out for others because their not watching out for you.

janice