Obtaining motorcycle finance should be a simple, easy procedure, if you know where to look. There are various institutions which offer motorcycle finance and loans for motorbike purchases.
Bikefin is a specialist in bike finance and insurance. Bikefin explains on their website, “Traditional role players in asset finance do not understand Bike Finance. The same rules do not apply when doing Bike Finance as opposed to doing Vehicle Finance. The Bike market requires a unique understanding in terms of consumer behaviour, credit scoring, asset equity etc”.
While finance for motorbikes is available through all of the big banks and their vehicle finance divisions, within this context, it is understandable why bikers would approach a specialist as opposed to going through normal vehicle financing.
Bikefin offers a comprehensive website, which allows consumers to search for and purchase bikes online as well. The site also offers various insurance options, which any biker will tell you is crucial to have before you set out for your first ride.
The following insurance options are offered:
Cycle Plan is an affordable comprehensive insurance policy that caters exclusives for motorcycle riders. The product is offered for motorcycles, scooters and cruisers and for all ATV’s (four wheeled all terrain motorcycles, also known as quads). The benefits of this plan are:
- Comprehensive insurance at affordable premiums, covering theft and accident damage
- Comprehensive off-road cover (although these units are not covered for accident/ malicious damage when no third part was involved)
- All policies include cover for theft, third party and fire
Cycle Life is a unique credit life plan, with additional funeral benefits. The key features of this policy are:
- Available to anyone between the ages of 18 and 59
- Full settlement is available in the event of death or permanent disability of the insured
- Bikefin will make a contribution to your monthly installment in the case that you are retrenched
- In the event of death, the policy will pay out R5,000 to cover funeral expenses.
Cycle Short is a unique credit shortfall policy. They main benefits of this policy are:
- Cover shortfall: covers the shortfall between your insurance payout and the amount owing on your finance agreement (the amount paid is the settlement balance less the amount paid by the underlying insurer(excess allowed R 3000))
- Should your insurers reject your claim due to your unintentional violation of their policy conditions, you can claim under your Cycle Short policy. The following are examples of unintentional violation of your comprehensive policy conditions:
- Should you inadvertently fail to make a monthly premium (after you had made three successive payments), you can claim.
- Should you unintentionally miss the prescribed time within to claim, you can claim
Cycle Plus is a used and extended warrant policy. The features of this policy are:
- Provides you cover for mechanical and electrical components
- Various options available, depending on the make, model and age of your motorcycle
- Cover can be obtained at the point at which the manufacturer’s warranty expires
- Designed to run for a period of 18 months from the date of expiry
Biking is a specific way of life, requiring a finance institution that understands your search, purchase, finance and insurance needs. If you are thinking about getting motorcycle finance or a loan for your motorbike purchase, look first at companies like Bikefin, who have proved themselves to be specialists in this area.