Do you need full coverage insurance for a new motorcycle?

I am planning to get a new 07 triumph daytona 675 in Minneasota, and i was wondering since i would it would on a loan would you have to have full coverage on it or can i just have liabilty? since i would be making payments on the bike and the bank owns it . Kinda like cars ?

Motorcycle is like car, whether owned by the bank or by you. You driving it. You need all kinds of insurance.

Liability only pays for other people damage in an accident. It does not pay your medical expenses if you in an accident. It does not pay to fix the bike if you wreck it. Then you stuck with the bank loan to pay for a wrecked bike ... you still have to pay full price to the bank.

You might also consider gap insurance.

Here's how that works ... suppose the bike is stolen.
You still owe the bank for the bike, even though you no longer have it.

What you owe the bank is the value of the bike + interest, minus what you paid so far.

Normal insurance just pays off value of the bike, unless you opted for liability only, in which case it was stolen & you got nothing.

With normal insurance and gap insurance, when it gets stolen, the bank gets all the money they are owed, and you are free and clear.

I believe ur insurance company will require it.

The lienholder normally requires full coverage until a vehicle is paid off.

You have a lienholder, therefore you need full coverage.

You will need full coverage, since you will have a lienholder. I would suggest maximizing the deductibles, unless this is your first motorcycle, in which case, you should keep them at 250/250.

Be sure to get medical payments coverage, even if you have health insurance, and get the maximum for liability and uninsured motorists' coverage as well.

Yes, it works the same as for cars. Drive safely, and always wear an approved helmet.

Good luck!

Yes, your lien holder/lender will require that you carry full coverage insurance.

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