Gs lc stolen in Sicily! What to do now?

R800

Active member
UKGSer Subscriber
Joined
Oct 31, 2014
Messages
294
Reaction score
1
Location
Cork, Ireland
Well my 2015 alpine Gs has been stolen in Sicily last week... Disaster! Had spoked wheels and keyless drive... And yes every realistic security option was used short of bringing it into the hotel room!

Now hoping insurance will be sorted soon, have to pay off my PCP and hopefully have a deposit left, but will I go again or just get a second hand bike somewhere, might be hard to go back to the real world!

And if I go again what extras would one recommend?
Any advice/ councelling would be appreciated!
 
The closer you get to Africa - the more African it becomes.........

Doesn't matter what you ride - those fcukers will have it. :rob

Get one that sends 20,000 volts through the nuts of the miscreants.


Al
 
Gap insurance wasn't available in Ireland until a few months ago as far as I know... So In a word... No 😔
 
R800 said:
Gap insurance wasn't available in Ireland until a few months ago as far as I know... So In a word... No
Click to expand...

Unless you have a insurance policy that replaces your stolen bike for a brand new one within the first 6 months of purchase you may find yourself out of pocket
Check your insurance policy - read it carefully to see your T&C's
 
Never understood this Gap insurance, sounds like being insured against being insured. If you insure anything, the whole point is to put you back in the position you were before the event. If, as in this example, the bike gets nicked, the insurance company should give you enough money to buy a similar bike or actually give you another bike that compares.

So if the bike is 6 months old, I would expect it to be replaced by a 6 month old bike or enough cash to buy a replacement. That is what you pay your premium for, not to lose out with a low cash offer.
 
mrtee43 said:
Never understood this Gap insurance, sounds like being insured against being insured. If you insure anything, the whole point is to put you back in the position you were before the event. If, as in this example, the bike gets nicked, the insurance company should give you enough money to buy a similar bike or actually give you another bike that compares.

So if the bike is 6 months old, I would expect it to be replaced by a 6 month old bike or enough cash to buy a replacement. That is what you pay your premium for, not to lose out with a low cash offer.
Click to expand...

The issue comes with PCP deals where you don't own the bike but owe far more than a 6mth old bike is worth. Bear in mind we arent talking BMW shopfloor value, we are talking trade value. I paid about £90 for a 3 yr GAP policy. If my £10k GSA gets nicked, I'd get perhaps £9-£10k from the insurance co. The GAP policy picks up the remaining £5-£6k putting me back on a new bike. I have had 3 or 4 GAP policies and never had to use them but know of people who have and it was a godsend.

OP Sorry, no answer to your original question but if it was a £6k 2006 GSA it would still likely have been nicked.
 
Davey B said:
The issue comes with PCP deals where you don't own the bike but owe far more than a 6mth old bike is worth. Bear in mind we arent talking BMW shopfloor value, we are talking trade value. I paid about £90 for a 3 yr GAP policy. If my £10k GSA gets nicked, I'd get perhaps £9-£10k from the insurance co. The GAP policy picks up the remaining £5-£6k putting me back on a new bike. I have had 3 or 4 GAP policies and never had to use them but know of people who have and it was a godsend.

OP Sorry, no answer to your original question but if it was a £6k 2006 GSA it would still likely have been nicked.
Click to expand...



In one Dave

Problem with PCP deals is that very little deposit goes in at the front end (they are designed like that) so if you have a £5k bike to trade in for a new one, they take £2k for the PCP & give you £3k back in your hand

A vehicle depreciates at the same rate for a given age/mileage whether you pay cash or PCP it

Therefore you might find a high settlement required from BMW finance for a 4 month old bike & the market value somewhat less

No dealer will mark a 4 month old 2000 mile bike on the shop floor at near new price as everyone will go new, so he marks it down & consequently your pants are pulled down

That's the way it works & bikes/cars lose the significant proportion of the new vehicle vat as they leave the showroom(unless it is particularly sought after & there is a waiting list) particularly when used it attracts no vat
 
Might be worth sending a PM to Luke Scott of this parish. He based in Dublin and knows a bit about Insurance. I think he is in Spain at the moment, but probably contactable.

Good luck.
 
JohnnyBoxer said:
In one Dave

Problem with PCP deals is that very little deposit goes in at the front end (they are designed like that) so if you have a £5k bike to trade in for a new one, they take £2k for the PCP & give you £3k back in your hand

A vehicle depreciates at the same rate for a given age/mileage whether you pay cash or PCP it

Therefore you might find a high settlement required from BMW finance for a 4 month old bike & the market value somewhat less

No dealer will mark a 4 month old 2000 mile bike on the shop floor at near new price as everyone will go new, so he marks it down & consequently your pants are pulled down

That's the way it works & bikes/cars lose the significant proportion of the new vehicle vat as they leave the showroom(unless it is particularly sought after & there is a waiting list) particularly when used it attracts no vat
Click to expand...

But the whole reason why you pay insurance is to put you back in the position you were. Just ask for another bike and don't worry what the value is. Value is a notional thing anyway. You then continue to cough up your PCP payments and all is well.If they, the insurance company won't play ball, take the scumbags to court.
 
I'd read the PCP agreement very carefully. Most finance agreements say that in the event of total loss or theft they get the entire payout, regardless of whether you are in the first month or last month of the agreement. It is a secured loan and PCP is worse due to the low deposit and small repayments. They may give you something back if the payout is way more than the finance balance but they don't have to. Gap insurance is for people who do high mileage as market rate is based on around 3,000-4,000 miles per annum. A 1 year-old bike with 20,000 miles will be significantly less than one with 2,000 miles.
 
mrtee43 said:
But the whole reason why you pay insurance is to put you back in the position you were. Just ask for another bike and don't worry what the value is. Value is a notional thing anyway. You then continue to cough up your PCP payments and all is well.If they, the insurance company won't play ball, take the scumbags to court.
Click to expand...

Good luck with that one, I'm sure the finance company & insurance company have legally both covered themselves admirably ;)
 
Having gone through this process a few years ago, the insurance company should replace your bike like for like. Or at least give you the funds to do so.

But as we all know, they will try their best to squirm their way out of any payment whatsoever........ If they can/you let them.

Their first offer will be an insult, but they are hoping you'll be quiet, accept the offer and go away............... Well that's what they tried with me.

I had to find a bike of the same mileage/year, and prove what it cost to replace what was stolen. I finally got the replacement price on the third offer. But they started by offering £5.5K for a £7K bike.................. wankers !

Good luck.
 
Nippy Normans supply Touratech, Wunderlich, Desert Fox and many other makes of accessories.
You must log in or register to reply here.

Similar threads

john_aero
So what to do now
Replies
12
Views
2,024
john_aero
john_aero


Back
Top Bottom