GAP Insurance Experiences & Recommendations

For those of you that have bought a brand new bike, have any of you paid for GAP insurance? Back to Invoice cover over 3 years is relatively cheap, and I can see the sense in insuring the depreciation. (to quote Ned Flanders "insurance is gambling with God")

Has any one got any experience of USING a GAP policy, good or bad, and any recommendations of reliable firms (seem to be lots of smallish firms on google and I would like to use somebody reputable)

Didn't bother with GAP insurance on bike, depreceation on (most) bikes is probably not enough to be worth worrying about. New model is 4.5K, full payout for 2 year old bike 3-3.5K(?) i.e. more than is owed on 0% finance deal I took.

[SoulKiss]

Originally Posted by simesb

For those of you that have bought a brand new bike, have any of you paid for GAP insurance? Back to Invoice cover over 3 years is relatively cheap, and I can see the sense in insuring the depreciation. (to quote Ned Flanders "insurance is gambling with God")

Has any one got any experience of USING a GAP policy, good or bad, and any recommendations of reliable firms (seem to be lots of smallish firms on google and I would like to use somebody reputable)

I have EXCELLENT experience and cant recommend it more highly.

Thanks to GAP insurance (and a bit of luck) I have a 2006 SVS with 12k miles on it that has cost me £1100. (for base bike only - excludes screen/can/LED Chavness)

I bought it new for £4300, plust £300 GAP insurance.

It got written off at 1.5 years old, Insurance settled for £3272 (was originally £3275, then the assessor asked the milage - he had valued based on 5k miles, not 12k - so 7k miles reduced the value by £3)

The GAP insurance paid out the difference, so I got my £4300 back - not all in cash tho - the Finance Company got their cut direct.

It was only a Cat-D write off and I was able to buy it back for £600.

£200 of parts later and its ready to go back on the road - so £300 for the GAP, £600 to buy back and £200 paid for my SV.

As you can guess, when I got the Z750, I took the GAP insurance.

Just remember that you NEED to insure Fully-Comp if you take GAP or its invalid.

DO IT - my OH had her car written off 2 weeks ago and thanks to GAP insurance the remainder of her £6.5k loan was paid off. Insurance payout was only £2.5k on a 4-5 yr old car and she still had a bit to go.

Clio BTW....

[SoulKiss]

Originally Posted by AndyW

Didn't bother with GAP insurance on bike, depreceation on (most) bikes is probably not enough to be worth worrying about. New model is 4.5K, full payout for 2 year old bike 3-3.5K(?) i.e. more than is owed on 0% finance deal I took.

Which drugs are you on?

You would be £1000 pounds out of pocket using your figures (closer to £1500) which the GAP insurance would cover you for at a cost of £300.

Also what is your repayment rate - mine on my SV was £125/month (roughly) so £1500/year, meaning that you would only owe £1500 on the 2 yo SV - which as you notice fits perfectly with the 36 months interest free deals they were doing.

Sure if nothing happens you have "wasted" £300, but if the bike is valued at less than £4200 using your figures, then you are quids in.

And before you bring the extra expense of Fully Comp insurance into it, well if you have a bike on finance without Fully Comp then you are a bit of a muppet, unless of course you like paying for things you dont actually have any more.

Useful stuff

SK - was your GAP through the finance deal on the bike?

Originally Posted by SoulKiss

You would be £1000 pounds out of pocket using your figures (closer to £1500) which the GAP insurance would cover you for at a cost of £300.

???
Wouldn't be out of pocket at all. Use insurance money and buy a 2 year old bike with same mileage. Before crash, I have 2 year old bike and paying 80 per month, after crash have 2 year old bike and paying 80 per month. Where have I lost anything?

[SoulKiss]

Originally Posted by simesb

Useful stuff

SK - was your GAP through the finance deal on the bike?

Was alongside rather than through I think - it was all dealt with by a different company when it came to claims.

However you now have me thinking that it MAY have been through Black Horse (so Finance co) but administered by the 3rd Party on their behalf.......