GAP Insurance

[Dave48]

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.

[slimwilly]

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

[Dave48]

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.

[alan sherman]

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?).

[bigralphie]

+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 .

[Andy FZS]

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.

[Estuarybiker]

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