GAP Insurance

[Jayy]

Anyone on here have GAP insurance?

https://www.ala.co.uk/motorcycle-back-to-invoice.html

Basically, if you write your bike off or it's stolen, your insurance company pay out whatever the market value for your bike is worth.

i.e.

You paid £3000 for your bike. Current market value after 6 months of buying it is £2,300, your insurance company will pay out the £2,300 and your GAP insurance will pay out the £700 difference, giving you back the full invoice price you paid for your bike.

That's my understanding of it anyway?

Why doesn't everyone have this?

[D O G]

Because you only really need it if you buy a bike on finance and don't want to be lumbered with outstanding debt on a bike you no longer have.

[ollieholt]

there ar two types of gap insurance. RTI and finance.

RTI.

will cover your for a set period for the difference between insurance payout and the invoice price you paid for teh vehicle, hence return to invoice.

very usefull on expensive, fast depreciating or new bikes.

finance gap

covers you for the difference between insurance payout and the amount you still owe on finance. for example. bought the bike 1 year ago on a five year finance agreement brand new. payed off 1500 of a 9k agreement say and your bike has depreciated by 3000 for instance at the time of the insurance payout. the finance gap would pay up 1500 on top of your 7k from the insurer to clear all debt associated with the vehicle.

hope thats useful to you.

its a very good product if you are buying expensive. relevtively useless on old or inexpensive machines.

it used to cost me as a car dealer £117 for three years cover. we sold it at £399, thats for RTI. £80 for finance gap and sold at £299.

internets sell it cheaper.
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< This? Well this is just a day brightner.

[SamJL]

I've got RTI GAP insurance, got it when I bought the bike.

Hopefully I won't have to use it, but it seems pretty good!
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2009 CBR1000RR
2004 KTM 200SX
2004 KTM 65SX

[ollieholt]

surely you hope you never need insurance for anything?
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< This? Well this is just a day brightner.