Quote:
Originally Posted by PanEuropean
Hi Scott:
I think Warin has offered excellent advice in his post directly above.
It is extremely difficult (and very, very expensive) to obtain insurance for theft or collision/comprehensive of the motorcycle if you are travelling outside of your 'primary backyard' - that means USA/Canada for the North Americans, and the EU 'Green Card' countries for the Europeans. Hence you need to be in a financial situation where you can withstand complete loss of the motorcycle should that happen due to theft (or, a bad accident).
That doesn't necessarily mean that you can't finance the motorcycle, but it does mean that you have to have sufficient assets readily available - such as reasonably liquid investments - to enable you to pay the note off immediately if the motorcycle is wrecked or stolen.
I suspect that most loan agreements require that you keep the asset insured for theft, collision, and comprehensive, and I also suspect that most loan agreements require that the note be paid off immediately if the asset itself is stolen or wrecked.
So - in short - if you can't afford to buy it outright (and take the risk of losing it entirely), it might be best to not consider travelling outside of the countries where you have full insurance coverage.
Michael
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The insurance required by the bank certainly changes things! As well as what type of insurance is required to travel, didnt think of that.
I have plenty of liquid assets to cover the cost of the bike if something goes wrong. I guess my question relates to paperwork for the countries I'm traveling too/through so I'll have to check specifically into that.
As i said it's more a personal business decision not to spend on the bike outright as they are newer and more expensive i.e. KTM 1190 adventure, BMW gs adventure. Considering other alternatives might prove to be more cost effective in the long run.
Thanks
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