Need to get some GAP Insurance for my TB GSA, Who did you guys go for?
GAP Insurance
- Thread starter wileeeeeey
- Start date
I had an offer from m BMW owner the weekend, 0% Apr. Who are you thinking to go with?
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I have these guys bookmarked from (I think) Nutty a while back, but haven't committed yet. Was going to see what the general consensus was:
https://easygap.co.uk/
https://easygap.co.uk/
Looking at them myself. Seems good value
thanks for this. going to use them for a car
Fat Biker 66
Registered user
FWIW - Got GAP insurance from EasyGap back in Sept fr my GS. Nutty mentioned them. At time cheapest and policy similar to that of BMW. Even the guy at Lind said he couldn't match their price for the type of cover. At time couldnt find anyone who had claimed and had real issues. (real value / cost of insurance.)
Mike
Mike
I was almost mugged for gap insurance when I bought a Discovery last year (£35K).
Dealer wanted me to sign a waiver when a heavy sales patter failed to convince me I should take it out.
I had the impression they made more out of the gap insurance than they did from selling the vehicle.
Dealer wanted me to sign a waiver when a heavy sales patter failed to convince me I should take it out.
I had the impression they made more out of the gap insurance than they did from selling the vehicle.
mattgslc
Registered user
whats GAP please ?
mattgslc
Registered user
thanks
Transglobalundies
Registered user
I believe it's the difference between what the insurer will pay out and the value of the insured item. So for example you insure for £5K. You make a claim and the insurer says no I'll only pay you £4K. You are now out of pocket by £1K. Gap insurance pays you the difference so you don't lose out. But you have to pay another premium to another insurer to get the additional cover. There must be other strings attached, I'm sure another bod could possibly explain better.
Watch this space, I'm sure I'll be corrected
Clive
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Watch this space, I'm sure I'll be corrected
Clive
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JKW
Registered user
Have always used www.ala.co.uk - specialist broker with competitive rates (NEVER buy from the supplying dealer as the mark-ups are ridiculous).
GAP insurance - one of the more recent methods car and bike dealers use to get money from you. I'm not saying it isn't worth it but do you know anyone who has benefited, other than the salesman?
I've always thought that the purpose of insurance is to put you back into the position you were before the catastrophe happened. Consider this - you buy a new bike, leave the showroom, bike is immediately devalued by 20-30%, bike written off, insurance pays out market value i.e. second hand price, you now have the value of the bike instead of the bike, buy another nearly new used bike to replace the used one you lost
Ah! but, if you took out some form of finance then you still owe far more than the insurance company paid out. THAT"S where GAP insurance comes into it's own - to pay the difference (gap) between the insurance pay out and the outstanding finance
Moral of the story - either don't buy a new bike, or pay cash, or buy GAP insurance but not from the dealer - unless of course you actually wish to contribute toward the cost of his Caribbean holiday!
I've always thought that the purpose of insurance is to put you back into the position you were before the catastrophe happened. Consider this - you buy a new bike, leave the showroom, bike is immediately devalued by 20-30%, bike written off, insurance pays out market value i.e. second hand price, you now have the value of the bike instead of the bike, buy another nearly new used bike to replace the used one you lost
Ah! but, if you took out some form of finance then you still owe far more than the insurance company paid out. THAT"S where GAP insurance comes into it's own - to pay the difference (gap) between the insurance pay out and the outstanding finance
Moral of the story - either don't buy a new bike, or pay cash, or buy GAP insurance but not from the dealer - unless of course you actually wish to contribute toward the cost of his Caribbean holiday!
I believe it's the difference between what the insurer will pay out and the value of the insured item. So for example you insure for £5K. You make a claim and the insurer says no I'll only pay you £4K. You are now out of pocket by £1K. Gap insurance pays you the difference so you don't lose out. But you have to pay another premium to another insurer to get the additional cover. There must be other strings attached, I'm sure another bod could possibly explain better.
Watch this space, I'm sure I'll be corrected
Clive
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That's it. They also have another policy that will insure to the value of the latest version of your bike, so say your bike is £16k this year, gets nicked in 2 years time, and BMW then charge £17k for the same bike, this will cover you.
I use Easygap on all my bikes. Even though I don't finance the bikes, £80 ish for 3 years of cover, which you can transfer between bikes if you change, is a no brainier.
That's it. They also have another policy that will insure to the value of the latest version of your bike, so say your bike is £16k this year, gets nicked in 2 years time, and BMW then charge £17k for the same bike, this will cover you.
I use Easygap on all my bikes. Even though I don't finance the bikes, £80 ish for 3 years of cover, which you can transfer between bikes if you change, is a no brainier.
And how many times have you claimed since taking the policies out ?
Quite.
Personally. I only insure things I couldn't afford to replace (property). if theres a problem I take the hit, otherwise I trouser the money that would have gone on premiums.
So far I'm well ahead. Self-insurance, its the way forward.
I've used ALA in the past for a car. Very competitive.
Gap insurance returns you to what you said for the bike. I.e. The difference between market value at the time of loss and what you paid.
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Gap insurance returns you to what you said for the bike. I.e. The difference between market value at the time of loss and what you paid.
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WaterMonkey
Registered user
I'm pretty certain GAP insurance is only needed if you finance the bike. Say you finance a 10K bike and the bike is written off. The insurance company pay out say 8K and you are still left owing the finance company 10K + interest.
If the bike isn't financed then I wouldn't worry.
If the bike isn't financed then I wouldn't worry.
sven
Registered user
A lad at works missus wrote off their two year old Mini and the GAP insurance paid the difference between the new price and the cars value.
The only issue they had was a disagreement between the GAP insurers valuation of the cars current value and the car insurers, who valued it a few hundred quid lower. He bought a virtually identical used car with the car insurance payout and pocketed the £4k from the GAP insurance.
WaterMonkey
Registered user
So he didn't need GAP insurance then.
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