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Guys, the dealer and myself that I am buying my first maverick from have been working on my loan for a week now. We have finally got everything accepted and finalized. Well, come to find out that I need to have full coverage insurance on the machine (makes total sense, it should). Well the problem is, I recently got a DUI (0.08 BAC Thanks California) and I got in two fender benders. Well, one insurance company told me $8,000 a year. Other insurance company's wont even give me a quote. So, what I'm asking everyone is; has anyone experienced this before and gotten through it? Which insurance companies are the best for these things? I was hoping to be able to get the machine either today or tomorrow!! Please help!!
 

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When did that California law go into affect. Neither my 2017 x3 and 2019 xpt4 velocity required insurance when I purchased them. What dealer are you at?

I’ve had geico with a so/so experience and now have foremost (State Farm’s Offroad division) which gave me the best price on a stated value policy and not a nada value coverage.

I purchased the insurance after the fact and not at the point of sale. Again. Was NOT a requirement for me in SoCal


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When did that California law go into affect. Neither my 2017 x3 and 2019 xpt4 velocity required insurance when I purchased them. What dealer are you at?

I’ve had geico with a so/so experience and now have foremost (State Farm’s Offroad division) which gave me the best price on a stated value policy and not a nada value coverage.

I purchased the insurance after the fact and not at the point of sale. Again. Was NOT a requirement for me in SoCal


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It's not that it's a law. It's that this particular loan agency is requiring full coverage in order to lend from them. I will talk in further detail with the dealership guy and get some clarifacation. I didnt think I needed insurance. I was intending on only doing liability only, but I guess that's not acceptable.
 

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No one I know will finance without full coverage /collision insurance to protect their asset.
Sounds like you have to have an SR22?
I would try Progressive or Geico. Nope won't be cheap!
Probably cheaper in the long run to borrow your money another way to purchase it outright and go with just liability.
 

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It's not that it's a law. It's that this particular loan agency is requiring full coverage in order to lend from them. I will talk in further detail with the dealership guy and get some clarifacation. I didnt think I needed insurance. I was intending on only doing liability only, but I guess that's not acceptable.
I had Sheffield for both. Who’s lending? Capital one? Try another lender


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While an unfortunate situation, admittedly of your own doing (kudos for taking full responsibility) the fact remains that most lenders that stealerships use will require full coverage, just like when you purchase an automobile to protect the potential loss. There are a few things you can do; first, see if there is another lender the dealer uses that will allow the loan without the coverage as mentioned above OR secure financing that doesn’t require the car as collateral, like a home equity loan or personal loan. The personal loan will have a higher interest rate no doubt than a typical toy loan but you will have to weigh the interest over time against the cost of insuring the car at the lower rate. Just my advice. Good luck to you
 

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Cheaper yet not to finance toys, especially with high cost of underwriting given your circumstances. If you have to own one, consider buying used for cash, then insure for liability only...
 

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You are going to be screwed with insurance cost no matter who you find that is willing to insure you. That DUI is bad enough. Add in some car accidents and you are a huge risk to insure. I am impressed you found one that was willing to insure you. If you want the Can Am that bad you will have to pay the $8,000 a year in insurance.
 

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No one will finance without full coverage /collision insurance to protect their asset.
Sounds like you have to have an SR22?
I would try Progressive or Geico. Nope won't be cheap!
Probably cheaper in the long run to borrow your money another way to purchase it outright and go with just liability.
This is an offroad toy, not a street car, that doesn't apply if this thing won't be street legal.
 

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No one will finance without full coverage /collision insurance to protect their asset.
Sounds like you have to have an SR22?
I would try Progressive or Geico. Nope won't be cheap!
Probably cheaper in the long run to borrow your money another way to purchase it outright and go with just liability.
I was not required to show proof of insurance when I got my X3 for the amount I financed.
 

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First of all, sounds like you cant afford it and maybe should reconsider this purchase. The fact it takes a week to secure lending speaks volumes.

If I had to guess, it took a week because this lender was the last resort lender that would approve you. All the other lenders not requiring insurance prob said hell no.

My advice is to not buy it and get yourself right and in a better situation first.
 

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Lucky it wasn't in Utah, we have .05 BAC for DUI? You may indeed have to wait to purchase and get insurance...what is it, 3 years?
 

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If it’s got the small Can Am cooler on the back you’ll need to drink faster, ice melts too quick.


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First of all, sounds like you cant afford it and maybe should reconsider this purchase. The fact it takes a week to secure lending speaks volumes.

If I had to guess, it took a week because this lender was the last resort lender that would approve you. All the other lenders not requiring insurance prob said hell no.

My advice is to not buy it and get yourself right and in a better situation first.
Logic and sound reasoning are not allowed. Reckless decisions only.
 

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I was not required to show proof of insurance when I got my X3 for the amount I financed.
Who financed it without comp/collision? That would be very uncommon.
No dealers I know have underwriters who wouldn't require it.
I know that none of the underwriters I deal within the leasing finance industry would waive it if applicable to the vehicle/equipment. You can't even finance a tractor without it.
This is an offroad toy, not a street car, that doesn't apply if this thing won't be street legal.
I know Oregon requires liability on off road SXS's, not sure but I would think that would apply as if it does on the street, or like the OP stated BIG BUCK premium, maybe for just personal liability policy with a motorized vehicle.
 
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