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+--- Thread: GAP Insurance (/showthread.php?tid=71648)
GAP Insurance - Dave48 - 24-02-15
Does anyone have experience of this type of insurance? Is it worth having or just more commission for the dealer?
The supplying dealer for my MT-07 is offering 3 years cover for £199.
Just did a check on "Honest Johns" website and the cheapest they came up with was £180 for 3 years.
Re: GAP Insurance - slimwilly - 24-02-15
For a first time i took it out with my toyota truck,£23,000.00 plus vat, i was warned that if i suffered a write off or theft the insurance company only has a duty to pay market value,not new value.
so if i used it for a month ,then lost it , the insurance company would value it alot less, used with 2000miles on it , valued at about £5,000 less :eek .
This is where the insurance companys screw us :'(
The value is not what it is sat in a showroom,,no , that has company profit on it,they wont value that as covered.just the cost price of the vehicle.
Billy
Re: GAP Insurance - Dave48 - 24-02-15
Have been thinking about this again and, as most depreciation on a new vehicle occurs during the first 12months, if I was unfortunate enough to have bike written off then could be considerably out of pocket as insurance companys "market value"will be a lot less than price paid for bike and pro-rata for year2 & year 3 at which point bike is likely to be worth at most only 50% of price paid new .Obviously with higher cost vehicles the potential "loss" is going to be considerably greater.
Its certainly a minefield this insurance game!
Have decided to take out this cover.
Re: GAP Insurance - alan sherman - 24-02-15
Check with other insurers. Some will replace with brand new if less than 6 months old (I think Carole Nash or Bennetts - I'm sure I've seen it in one of my policies but could be the car one esure?).
Re: GAP Insurance - bigralphie - 24-02-15
+1
I got a brand new Fazer then I threw mine 3 month old one at a roundabout
I think GAP insurance is worth thinking about if your bikes on finance as you could be left with a debt if you throw it down the road and the policy don't pay the full purchase price .
Re: GAP Insurance - Andy FZS - 24-02-15
When I changed my car the dealers wanted about £190 per year for gap insurance. I finally got it from ala for about £120 for 3 years and got cash back from top cash back.
Re: GAP Insurance - Estuarybiker - 26-02-15
I took it out as I wanted a level of certainty on the value. To be fair it helped the dealer more than me :'( I'd spent so much it was something that was just added in. I should have shopped around