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GAP Insurance

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Funkydancer This post is not being displayed because it has a low rating (Spam). Unhide this post / all posts.

Mord
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PostPosted: 13:39 - 17 Apr 2009    Post subject: Reply with quote

For a £3k bike I didn't bother..

If I buy something for £7-8k then yes.. I will think about it.
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Funkydancer
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PostPosted: 13:42 - 17 Apr 2009    Post subject: Reply with quote

I know what you mean but my bike is only worth 3k and it saved me about 500 which isnt bad!
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lllN30lll
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PostPosted: 13:54 - 17 Apr 2009    Post subject: Reply with quote

Very worth it, paid a shortfall of 2.5 grand when my R1 was stolen.
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Kwaks
I'm not a fast rider



Joined: 28 Jan 2006
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PostPosted: 16:34 - 18 Apr 2009    Post subject: Reply with quote

Wondered how many posts before that would pop up Rolling Eyes

Well Funkydancer, if I ever do buy gap insurance it certainly won't be through ebike now.


In fact stuff every ebike product up your arse Razz
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iooi
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PostPosted: 16:41 - 18 Apr 2009    Post subject: Reply with quote

Well if you get it from dealers then the price you quote is about correct....

Do a net search. And you will find the same for around £90........
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sickpup
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PostPosted: 01:52 - 20 Apr 2009    Post subject: Reply with quote

Can someone please explain why this is needed?

Whenever I or a customer have had a bike written off I or they have been paid OVER book price for the vehicle due to explaining the value of the vehicle to the insurance assessor and then backing it up with proof. Generally I (or the customer) have received more for the bike than what was paid for it often years before.

If you can't deal with assessors don't, pay someone to do it for you. Don't take out a policy you don't need.
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iooi
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PostPosted: 08:16 - 20 Apr 2009    Post subject: Reply with quote

sickpup wrote:
Can someone please explain why this is needed?
.


Only come into its own when you buy a new car/bike.

Many ins will only pay out on the book value of the car/bike and we all know how once a car/bike is out of the showroom its value drops fast.

Some ins co will replace a new car/bike with a new in the 1st 6 months, but after that you are looking at quite a diffrence in waht they will payout and what a new will cost.

I've taken it out on my new car, as it means that should my car be written off in the next 3 years. Instead of having to haggle and stress over the payout. I will just get a brand new car as a replacement.
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Kal
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PostPosted: 10:29 - 20 Apr 2009    Post subject: Reply with quote

sickpup wrote:
Can someone please explain why this is needed?


Its only really any good for people buying a new bike on credit. Although you can receive the full value of the bike if it is written off you can still end up out of pocket with the credit charges and be unable to replace the bike.

Gap insurance is supposed to stop that. However it is of limited use and people should run the numbers before taking it out to make sure the Gap insurance doesn't leqave them out of pocket.
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Kwaks
I'm not a fast rider



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PostPosted: 12:59 - 20 Apr 2009    Post subject: Reply with quote

[quote="iooi"]
sickpup wrote:
Can someone please explain why this is needed?
.


Only come into its own when you buy a new car/bike.

Many ins will only pay out on the book value of the car/bike and we all know how once a car/bike is out of the showroom its value drops fast.

Some ins co will replace a new car/bike with a new in the 1st 6 months, but after that you are looking at quite a diffrence in waht they will payout and what a new will cost.

I've taken it out on my new car, as it means that should my car be written off in the next 3 years. Instead of having to haggle and stress over the payout. I will just get a brand new car as a replacement.[/quote]


All insurance companies will replace new for old within the first 12 months, the only stipulation is you are the first registered owner & keeper. ie, if the company selling has pre-registered the vehicle you lose this benefit

Sorry no you won't. Should your 2 yr old car be written off you will not get a new car through gap, they will however top up the insurance payout to ensure the finance agreement is settled in full.
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Hetzer
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PostPosted: 13:43 - 20 Apr 2009    Post subject: Reply with quote

Ah yes, Gap insurance, paying more for an extra policy so you can get what the original policy should have paid out.

Let's see...

Policy...check.
Excess...check.
Gap Ins...check.

Gee, I make that three times you have to pay for one lot of insurance on one vehicle. And they fucking well wonder why so many people drive un-insured. Er...criminal fraud, you CUNTS?
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Kal
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PostPosted: 13:50 - 20 Apr 2009    Post subject: Reply with quote

Hetzer wrote:
Ah yes, Gap insurance, paying more for an extra policy so you can get what the original policy should have paid out.

Let's see...

Policy...check.
Excess...check.
Gap Ins...check.

Gee, I make that three times you have to pay for one lot of insurance on one vehicle. And they fucking well wonder why so many people drive un-insured. Er...criminal fraud, you CUNTS?


I wish you'd stop and read before you go pop.* Gap insurance is insurance on the credit agreement, rather than the vehicle. Also it is completely voluntary on behalf of the policy holder.

If you buy a ten grand bike on credit then it can wind up costing you 15k with the cost of the credit agreement. The maximum value of the bike however is still going to be ten grand. GAP steps into fill the 'gap' between the value of the vehicle and what you owe on it.




*Pot, Kettle - yes I know. However I do try to read before blowing a fuse.
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Kal
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PostPosted: 21:38 - 18 May 2023    Post subject: Reply with quote

Necrothread!
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1984 GB250 Clubman,1983 CB250N Superdream, 1999 GPZ500S
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