An interesting insurance deal...

[Josh]

Well, I am buying my bike from a local dealer, and they informed me this weekend of an offer they are doing, and while I didn't take them up on it due to the age/price of my bike, it seemed a little bit wierd, and easy to abuse.
What they are offering is a "Gap insurance" cover.
For something like £100 or more/less depending on the bike they will cover you for three years, the cover has one purpose, and that is that if any time during those three years your bike is written off, after you get your insurance payout they will pay out the difference between the insurance payout and the showroom price you payed for the bike.
I am pretty sure that is how it was described, which to me sounds a bit strange, as you can ride a brand new bike for two and a half years, bin it and have lost no money on the value of the bike, as opposed to selling it on at a "loss"
They say that in theory that could easily be done, but they rely on the honest of customers and the fact that no decent person would just bin a bike for the pay out.
Just wondering if anyone else has heard of similair insurance extras like this or anything.
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04 Suzuki GSX-R 600 K4 - Sex on wheels :>
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[tgabber]

You'd have to be a pretty impressive rider to be able to bin a bike so as to:

a) guarantee it was a write-off

b) make it look like a genuine accident

c) make sure you wern't badly hurt

Fail in any one of the above three and claim your prize from:

i) a knackered bike and no money

ii) a long jail term

iii) a lost life

or possibly all three.

I think I can see why they reckon their deal is safe from most would-be fraudsters!
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"It's all about dislocating expectation"
Kawasaki KMX125 -> Aprilia RS125 -> Kawasaki ZZR600

[Frost]

The two things which are most likely to happen to damage your bike are:

slow speed spill/Drop

OR

Stolen

A bit of care and TPFT insurance is all that is required to avoid all but the most unfortunate circumstances

[DukeRed]

I think it's a good deal if you are really wanting to be protected from all sides but not really essential.

Jan
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Enjoy Life There's Plenty of Time to be Dead
https://www.janoner.com

[Josh]

Like I said, I don't plan to use it as TPFT is all I can really justify spending on my bike with it being old and all.
But on a brand new GSXR600 or something, you could accidently drop it a few times, subtly bend the frame and get the same price you paid for it back from insurance/dealer.
Just an interesting deal they have, never seen anything like it before.
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04 Suzuki GSX-R 600 K4 - Sex on wheels :>
https://img58.imageshack.us/img58/6178/sig6dc.gif

[gingernuts66]

This product has been around for years and is superb. It is exactly what it states ie it pays the "shortfall" between the laughable figure your insurance comes up with and the actual cost you shelled out. It is even more impressive if you finance your bike as it clears your finance up completely allowing you to purchase a new one straight away knowing you owe nothing!! There is only one pitfall and that is you MUST have fully comprehensive insurance.

[Jimmy]

The insurance actually covers you for the difference between the insurance pay out and the amount of finance outstanding. It doesn't cover you for the difference between the insurance pay out and the original cost of the bike.
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I've confused my intentions with my abilities

[Josh]

I can safely say that the dealer said to me their "Gap cover" would cover the insurance pay out-price of the bike when you got it.
I will check it again next time I go in, but I am pretty sure that is what he said.
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04 Suzuki GSX-R 600 K4 - Sex on wheels :>
https://img58.imageshack.us/img58/6178/sig6dc.gif

[tintin]

Never been offered it on a bike, but I was on my last car. I thought the chances of getting paid out were unlikely, a bit like those extended warrantees they always try to sell you every time you buty a TV or fridge.
If an insurance company thought of it then you can bet they are looking at making money from it...
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The older I get the better I was

[G]