GAP insurance

[Nutty]

I've never bothered buying this for a bike before, but bearing in mind the cost of the LC with a few accessories, its worth considering. BMW wanted to charge over £200, but shop around, and £10k's worth of cover over 2 years for £79 or 3 years for £99, it was a no brainer.

So for the sake of £79, if anything happens to the bike over the next two years, and the insurance company offers a ridiculously low settlement, this company will pay the difference right back up to the original invoice value (with accessories) up to the value of £10000.

Hopefully I won't ever have to use it though

 

[Black Dog]

So the insurance company get you to insure against them screwing you with a derisory settlement. Smart!!

 

[oldnfat]

Insurance is an incredibly competitive market.....if your insurance is under half the price of BMW there has to be a reason.....you generally get what you pay for. Gap insurance is usually a rip off...check the small print carefully from those organisations you do not recognise.

I had gap insurance on my wife's car that got totalled on the M40....refused to pay out because at 12900 mile we had missed the 12k service interval. They allow a 5% leeway but silly me did not read this or log it into our calendar....

 

[Nutty]

So the insurance company get you to insure against them screwing you with a derisory settlement. Smart!!

No, it's a different insurance company. Find an insurance company that will pay the original invoice value of an 18 month old bike in the event of a total loss.

 

[topcat2006]

I had vw gap insurance on a van I had - it was excellent and paid out ro the original value of the list price of the van when it burnt out.

For my merc I thought id shop around and bought gap insurance for the van. When it was written off they paid to glasses guide minimum value even though I had paid for rti. There excuse was they had sent me new terms and conditions which said they were changing the way the insurance worked.... needless to say I never received the change of tac and it was a case of prove we didnt send them....

Never again.

Tom

Sent from my GT-I9300 using Tapatalk 2

 

[IJGser]

Goes without saying

If i where rich (or stupid) enough to buy a new or valuable bike/car i would without hesitation purchase gap insurance. The last valuable (relative to me) car i had got written off and the gap insurance payed out

 

[JohnnyBoxer]

No, it's a different insurance company. Find an insurance company that will pay the original invoice value of an 18 month old bike in the event of a total loss.

NFU Mutual will do for cars

If your car is a total loss within the first 2 years of 1st registration, they will give you a new one or an equivalent model if the model you had has been discontinued or as an alternative.................. the cash

All linked to standard RRP

 

[RT_slippers]

I've never bothered buying this for a bike before, but bearing in mind the cost of the LC with a few accessories, its worth considering. BMW wanted to charge over £200, but shop around, and £10k's worth of cover over 2 years for £79 or 3 years for £99, it was a no brainer.

So for the sake of £79, if anything happens to the bike over the next two years, and the insurance company offers a ridiculously low settlement, this company will pay the difference right back up to the original invoice value (with accessories) up to the value of £10000.

Hopefully I won't ever have to use it though

Nutty - sounds like a good idea - I've used in the past for piece of mind- what company have you found for this price as it seems very reasonable ? Thanks

 

[Appman]

Check with your insurance company, but you will likely find that for the first year the bike would be replaced New for Old, So you are in fact paying £79 for one years cover.

However the £99 for years 2/3 does not seem too bad.

Having Harley Davidson Insurance with "Guaranteed Value" payout, you have to get the bike valued by a dealer, but does include all those HD extras and exceeds the 10K you have. It does make you wonder why it is not offered by other insurance companies, even as a policy addition. This year I paid £365 for the HD and a G650GS (bonus of being over 50 and a slow bike ).

It may be worth asking your insurer if they can offer New for Old on your policy anyway.

 

[Black Dog]

Remember. When the thing gets stolen, you will get the betterment of a NEW bike with zero miles when you replace it, with a correspondingly enhanced value.

In fact - if your gap insurance pays out, you will theoretically be making a gain by having your vehicle stolen?

No wonder insurance companies have problems with fraud.

 

[RT_slippers]

Check with your insurance company, but you will likely find that for the first year the bike would be replaced New for Old, So you are in fact paying £79 for one years cover.

However the £99 for years 2/3 does not seem too bad.

Having Harley Davidson Insurance with "Guaranteed Value" payout, you have to get the bike valued by a dealer, but does include all those HD extras and exceeds the 10K you have. It does make you wonder why it is not offered by other insurance companies, even as a policy addition. This year I paid £365 for the HD and a G650GS (bonus of being over 50 and a slow bike ).

It may be worth asking your insurer if they can offer New for Old on your policy anyway.

Thanks Appman - have checked with BMW insurance and they only pay out to current market value - so GAP would be good before the new machine ventures out, if the snow and ice ever goes..

 

[Nutty]

Nutty - sounds like a good idea - I've used in the past for piece of mind- what company have you found for this price as it seems very reasonable ? Thanks

I went with easygap.co.uk as they had some good write ups, but I'm sure someone on here will come along and say they're a shower of shite

 

[Appman]

I went with easygap.co.uk as they had some good write ups, but I'm sure someone on here will come along and say they're a shower of shite

Are they covering the GAP up to 10k ? Or is that on top of the insurance payout?

 

[Nutty]

Are they covering the GAP up to 10k ? Or is that on top of the insurance payout?

Yep, the gap up to £10k. So if in a years time, the bike is a total loss, and the insurance company pays out £11k, the gap will pay the difference between the £11k that the insurer pays, and the original invoice value.

 

[RT_slippers]

I went with easygap.co.uk as they had some good write ups, but I'm sure someone on here will come along and say they're a shower of shite

Thanks - will give this a try. I used ALA before but they want about £160 this time around.