So recently I had my 2008 Honda CBR 600RR stolen while I was teaching a class near the Naval Base. When I had orginally purchased the motorcycle I got theft insurance called Etch, which basically said, “that in the event of your motorcyle being stolen, ETCH will cut you a check (presuming that it is not found within 30 days) towards the purchase of a new motorcycle. Today, my ETCH claim came in, as well as the pay-off amount for my old motorcycle. To sum it up I would be upside down by $2000 because I did not get GAP insurance when I bought my old motorcycle. But, I could use the $5000 that ETCH was giving me to pay off the difference and the rest could go towards the purchase of a new motorcycle. So basically I was getting $3000 in free money, BUT I had to buy a new motorcycle (which I planned on getting anyways eventually…) So I went to the dealer today, picked out a FRSH 2008 Honda 1000RR (1.4miles). Here’s what I came up with.
$10560 - Motorcycle
+ $$$ - Tax, Title, License
+ $$$ - Solo Seat cowl, Spool Sliders, Frame Sliders
$11800 - Total
+ $$$ - GAP
+ $$$ - 60 month warranty
+ $$$ - First service
$13100 - Total
-$485 (previous warranty credit)
All in all, I think I made out good, my previous loan will be completly gone and I will have a new loan (with a lower principle) with a motorcycle with zero miles.
Currently trying to negotiate with the insurance company on giving me more for my old motorcycle (it was a limited edition Honda Graffiti 600RR), but we will see what they say.
As long as Honda Financing approves me tomorrow morning I should be riding in a new 1000RR by lunchtime.