GAP Insurance

Dear All,

I picked up my 2009 SV650 Sport on Sat (complete with Blueflame twin exit carbon can which sounds like thunder with the baffles out!).

Paid £500 deposit and the rest on 0% finance for 3 yrs.

I was offered GAP insurance by the dealer but at £300 for 3 yrs.

I've found it for as cheap as £180 for 3 yrs with various online insurers.

I was just wondering what the members of the forum thought of GAP insurance in general and if anybody could recommend some more companies that I could try for a better price.

Thanks for the help guys.


Micky

Depends how much value you think the bikes going to loose over that period of time.
If you've paid 4-5k for a new bike and think you'll only get 2-3k for it if it's written off, then sure get the GAP if you can afford it.

As you got it from a dealer by the sounds of it you've already lost TAX on it so the gap would go some way to cover that.

I know SoulKiss has had GAP and strongly advised it for my bike, but that's to cover a possable 3-4k gap in a write off

Make sure you have the right insurance to cover for it.

I got fobbed off once when I bought a scooter on finance.
I wrote it off and had paid for the gap insurance but as I was only TPFT it could not be used (cue me paying for the rest of the bike).
Basically I was miss sold the policy.

[SoulKiss]

Originally Posted by vardypeeps

Make sure you have the right insurance to cover for it.

I got fobbed off once when I bought a scooter on finance.
I wrote it off and had paid for the gap insurance but as I was only TPFT it could not be used (cue me paying for the rest of the bike).
Basically I was miss sold the policy.

No you were not.

You didnt read the small print that says Fully Comp Insurance must be on the vehicle for the GAP to work.

Unless of course the salesman said that you would be fine with just TPFT insurance.

Originally Posted by SoulKiss

No you were not.

You didnt read the small print that says Fully Comp Insurance must be on the vehicle for the GAP to work.

Unless of course the salesman said that you would be fine with just TPFT insurance.

Nail on the head there sir!

Stated that it would be fine under TPFT.
Needless to say next time I do anything like that I will check and double check.

[SoulKiss]

Originally Posted by vardypeeps

Nail on the head there sir!

Stated that it would be fine under TPFT.
Needless to say next time I do anything like that I will check and double check.

I have to confess that I didn't know about the FC clause until I read the policy documentation.

Now that's sucky as hell!

Thanks Psychocannon,

I paid £4.5k but with 0% so the GAP would only have to cover the invoice price not any interest. Guess I need to find out the value of a K8, K7 and K6 SV650 Sport and see how quickly they devalue to see if GAP would be worth it.

Anyone currently have GAP insurance?

Be great to hear who you went with, how much you paid and how much cover did you got?

Thanks

Mike

[SoulKiss]

Originally Posted by Micky26

Thanks Psychocannon,

I paid £4.5k but with 0% so the GAP would only have to cover the invoice price not any interest. Guess I need to find out the value of a K8, K7 and K6 SV650 Sport and see how quickly they devalue to see if GAP would be worth it.

Anyone currently have GAP insurance?

Be great to hear who you went with, how much you paid and how much cover did you got?

Thanks

Mike

I paid £4,300 invoice with £300 on top of that for GAP insurance and some more £ on extras - Double Bubble screen and Scott-oiler.

16 months later it got written off due to a £2.5k repair bill, the insurance paid me £3,300 for a K6 at that age with 12k miles on it.

The GAP insurance paid out £1k

Simples really.

You will lose £675 (the VAT) as soon as you drive off the forecourt.

So GAP is worth it.

As long as the bike loses £300 of value the gap is worth it.

I was lucky, at the age it was, I had already paid off a chunk of the amount owed on the bike, so the un-adjusted figure WOULD have paid off the loan.

I've never had it previously but considering the value of the speed triple I thought it was worth having this time round for safety's sake

you pays your money you takes your chance...