It’ll be invoiced to the finance company and supplied to you
Normal practice
Crazy Price Norton Commando PCP Deal
- Thread starter Pythongrün
- Start date
Normal practice
If you've had the bike for 12 mths...paid about a grand in monthlys and get it nicked...the insurance co may well deal direct with the finance firm....and give them £8k as full payment for the bike...do you really think that the finance co are going to accept a loss of £3k or £4k? Of course they aren't..they'll come for you to pay the deficit. As most people buy vehicles on some sort of finance...GAP policies cater for this.By declaring that the bike is owned by the finance company, then the insurer accepts that they will deal with them directly to settle any [total loss] claim. I’m therefore thinking I shouldn’t need GAP insurance
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Thats correct, family member had a Nissan duke on PCP, the car got rear ended last year and was classed as a write off, the insurance paid out 8k but they owed 10k on the pcp finance, so they had to find 2k to settle the finance off. They have bought another car on PCP now, and bought a gap policy this time.
Remember the days when insurance companies would pay out retail on written off vehicles for the first year or two?
Some still do. Dunno about the more limited market for motorbikes...and obviously if people race to the bottom..the cheapest and fail to read small print or accept that paying say £120 for a £20k easily damaged/stolen object may not be the wisest thing.....
My car policy still does, for the first year year anyway.
Shame I haven’t got a new car!
I’ll be buying GAP if insurer doesn’t cover full value in first year
You lads can definitely suck the fun out of a great topic .
Mine still does...
It looks fabulous. I wish I'd got my finger out and gone for it...
Waiting for mine, March hopefully in silver with silver. Is there a seat under the cowel or is that something that I need to source as an option
You need to purchase it but can add it to your 0% finance deal.
Mine is silver on silver and estimated the beginning of March .
I have been here before, declaring a finance compny owns a bike, which throws the system into wobbly mode as insurers aren't used to this believe it or not. You also have the issue of the bike not being kept at the owners address etc etc. In the days when you could actually speak to underwriters, I was told that if you have an invoice in your name then you declare that.
The GAP return to invoice policy simply provides a payout of the difference between insurance payout and what you paid " up to" a specific insured amount for which you pay the appropriate premium. They won't refuse to pay on the basis that you decalred the invoice value less the deposit contribution as long as you claim under the insured amount. In this scenario you are not trying to defraud by under valuing, you just claim an amount so you are not out of pocket and if you can prove this with invoices then no worries. If you tried to claim for the deposit contriution, the GAP insurer would consider it as fraud.
Also bear in mind the bike has no immobiliser which should be declared on getting a quote.
If the quote is too high, try declaring a DataTag.
The GAP return to invoice policy simply provides a payout of the difference between insurance payout and what you paid " up to" a specific insured amount for which you pay the appropriate premium. They won't refuse to pay on the basis that you decalred the invoice value less the deposit contribution as long as you claim under the insured amount. In this scenario you are not trying to defraud by under valuing, you just claim an amount so you are not out of pocket and if you can prove this with invoices then no worries. If you tried to claim for the deposit contriution, the GAP insurer would consider it as fraud.
Also bear in mind the bike has no immobiliser which should be declared on getting a quote.
If the quote is too high, try declaring a DataTag.
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The passenger seat is an option, great colour combo.
I’m definitely going to use a broker and record the call
Don't forget to tell them you are doing so as claim against them for inaccurate information may only
be admissable if you have acted within the law, sorry to be the voice of doom, enjoy !
Get the operators name and note the date and time of the call so they too can check at a later date.
be admissable if you have acted within the law, sorry to be the voice of doom, enjoy !
Get the operators name and note the date and time of the call so they too can check at a later date.
Fuck me.
A great deal has somehow morphed into a potential clusterfuck of UKGS proportions ……..
Did someone mention sucking the fun out of things ……..
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A great deal has somehow morphed into a potential clusterfuck of UKGS proportions ……..
Did someone mention sucking the fun out of things ……..
Sent from my iPhone using Tapatalk
Indeed, but I guess you may not say that if you were on the adverse side of the above. Who knows, you may even be thankful that someone had warned you of a potential pitfall and you had taken steps to protect yourself as a result of reading the above clusterfuck, just saying.
Still a great deal though, LOL.
Still a great deal though, LOL.
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