insurance for bikes on finance?

[mysterious_rider]

Hello there guys. Put a deposit down and bought myself a new bike! ( royal enfield!).

Is there a certain kind of insurance i should get in case it gets written off . gap insurance? I think its supposed to settle the finance? Or is it not worth doing?

I gotta get insurance before tuesday (collection day)

Cheers.
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KAWASAKIIIII

[J4mes]

I would go for gap insurance, but not through the dealer - we paid £130 for 5 years of gap insurance (Invoice Price Return) through a broker, compared to the £500 the dealer were trying to sell it for.

Finance company may insist on fully comp too?

[Taught2BCauti...]

Best to check the small print on your finance contract, in case they specify or exclude a particular type of cover, or you choose a policy that doesn't work with your finance arrangement.
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Honda Varadero XL125(V8)
www.TheFutureIsHere.eu

[Rogerborg]

Fully comp, sod the gap. It offers such a poor return on investment for the buyer (typically £1 paid out for every £10 of premiums paid in) that the FCA have introduced rules to try and stop dealers strong-arming buyers into taking it.

Sure, there are windows of time when the outstanding finance will be more than the market value, but paying a significant part of the difference up front in order to mitigate the very low risk of being in that situation later is excessively cautious.

What kind of biker woul- oh, Royal Enfield. As you were.
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Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[Deso]

You'll need to take out comprehensive insurance.

I have taken out GAP. It covers me for the full 4 year term and is -return to invoice. That means if the bike is written off I will get back what I paid for the bike.
I've taken the GAP for peice of mind should the worst happen. There will be no short fall to worry about and depending on how far through the contract I am I will have a decent amount left over to whack down as deposit for the next one.
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What if the whole world farted at once?

[J4mes]

Define significant difference Roger?

My example was on a £10,000 car, meaning 1.3% which after 5 years and £5000 depreciation could still only be 2.6%

I may even stack it on purpose.



I didn't say that.

[Rogerborg]

Ah, sorry, I missed that it's a return-to-invoice policy.

Deffo stack it.

You didn't hear that.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[mysterious_rider]

I chose regular full comp insurance in the end. 500 pounds. Ouch. Oh well at least it has all the goodies. Protected ncb. Ride other bikes. Go abroad. Personal injury cover. Leather/ lid cover and legal assistance.

I gon got raped.

Cant wait to collect her tuesday. Already ordered a pillion seat with grab rail to fit sat.
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KAWASAKIIIII