what does fully comp mean.

[lllN30lll]

n00b question I know but.

I only passed my test last year so insurance is a new thing to me, I went fully comp on my R1 before it was stolen.

but what does fully comp mean? what do i get?

the R1 is on Finance from D&K, when the insurance pay me out do they pay me out the value of the R1? or do they pay off the whole finance?

if they pay me the bikes value do I just buy a new bike and carry on paying the finance?

cheers
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Turbo R1
CRF450R

[phk6]

[_Will_]

I think you get the money, then you can settle finance and take out a new agreement on a new bike.
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Past -Honda qr50 | 2004 Peugeot Tkr s 50| | 1996 Yamaha XJ600s Diversion|

[Finglonga]

They pay you the book price for the bike. You still have to carry on paying the finance off as if nothing has happened.
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Andy Sez....
F.Y.Y.F.F.

[lllN30lll]

[Pete.]

[Pete.]

[MikeH]

Depends on the finance, most are geared up so the interest is all calculated upfront so as long as you don't default on the payments then just keep paying the monthly amount and use the insurance money to buy something else.
Officially you should inform the finance company as by rights they own the vehicle until you pay the loan in full but nobody worries about that

The insurance will make you an offer based on the book value minus any policy excess, don't accept their first offer as it will be low, do your homework and work out the actual value that bikes like yours are selling for and refer them to examples in the classifieds specifically traders as they tend to price higher. It doesn't always work but more often than not you can negotiate a little more.

Just don't hold your hopes out for getting what you paid for it.

Good luck fella
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Busa Junkie

[Chriss]

Other thing to look for mate is to check if you bought 'gap insurance' which would pay off the difference between what you owe, and what the insurance pays out.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[Finglonga]

[Chriss]

Interesting, loads of our clients used gap insurance when we wrote their cars off. In fact, they're the easier to deal with, as they don't care how much they get for their car, they won't see a penny!
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[NSR Mick]

My GSXR was bought on DK's finance, I didnt even tell them when I sold it on and just kept up the repayements.
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If you dont like the way that I ride.......Stop trying to keep up!!!

[MattEMulsion]

[Kickstart]

Hi

As above, although finance secured on a bike is not as common these days. Too easy for the finance company to get burnt.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing