Does anybody on here have an opinion on gap insurance, not sure if it's worth getting it or not. And if you do have it, any recommendations as to which company to go with and roughly what it costs ?
Normally around £300-400 (normally changes on bikes over about £15k). Personally I think it is worth it on an expensive new/nearly new bike that you have a lot of finance on. You could end up in a situation where you are out of pocket by a few grand (difference between insurance valuation and outstanding finance), and £100/year is preferable if you did ever get that unlucky...
Gap insurance is exactly the same as any other insurance, overpriced and something you never want to claim on. What is the likelyhood of your pride and joy being a total loss (write off or unrecovered stolen) during the insurance period ? Your comprehensive insurance is supposed to leave you in a position that is no worse off if it's not your fault and I'm not sure gap insurance will pay if it is your fault. The first responder has a point in that if you have a finance agreement, it becomes more important. How much of a gambler are you ? Andy
The bikes a new DVT and no finance on it, it has been recommended that if I do decide to go with it, not to go for the dealer one, as that as you say is around £400 but it can be had cheaper if you shop around.
But if you don't crash it, a few years in the future the bike will be worth a lot less than when you bought it... you can't insure against that can you?
I`ve never bought it but I wonder if it is worth asking the company that will be insuring the bike how much they will charge to cover the gap. Bloody check though bearing in mind you are already paying your insurance company to insure it. It should be cheaper for them to add a relatively small % on to an existing policy though I would think.
If there is no finance, gap is pointless. My understanding this that is just covers any difference between outstanding finance and insurance payout. If that is the case, it wouldn't pay you anything.
Right, the lad that I spoke to at the dealers said to make sure that if I go for it, to go for the invoice insurance not the finance option. I believe the invoice option covers the difference between what you payed for it and the market value of the bike if it's totaled, which less face it is close to a couple of grand just pushing out of the showroom
Correct. There is a firm that posts on pistonheads that give reasonable quotes. No personal connection. And it's paid.
Get Your GAP Policy Quote | Vehicle Category | ala i have used these on my car,never used on my bikes,loads cheaper than your dealer quoted.
The main reason is that cars lose so much value quickly it make more sense to cover a big drop from purchase price.
Try easygap, £108 for £10000 cover for 3 years on my car. Think it takes it back to invoice price. Bearing in mind I had a car stolen this year (no gap) a no brainer. Don't pay rip off dealer prices though.
It's shocking that you have to actually buy an extra insurance policy to cover an insurance policy that is already a rip off.
I bought my first 125 for like £4500 on finance and wrote it off 3 months later with a minor crash at like 20mph. I lost a grand on bike value alone let alone the excess and stuff. It does happen.
I haven't done it on any of the bikes I bought but did opt for it on a new M3 saloon I bought back in 2009. Car was stolen 15 months later and never recovered and the gap paid up the difference between insurance payout and the invoice price which was over £9k. So it worked for me then. That said, I didn't bother with the car that replaced it (Discovery) as much less likely to be stolen which was more what I was concerned with on the M3.
