Gap insurance

[newman]

Anyone got gap insurance. My busa cost £9300 and my insurance company phoned me up and said do you want gap insurance, £160 for three years and if I write the bike off they make up the difference between what the bike is worth at the time and make it up to £10000. I got some more quotes on this and they were between £300-£500 so I think I got a good deal.

 

[zukracer]

sounds like a good deal from pricing but gap insurance makes sense if you have it financed more than 60-70%. Last thing you want is to be holding the bag on a loan with no bike

 

[newman]

My girlfriend bought the Busa for me and paid cash so the gap insurance seemed like a good idea.

 

[BlueHaya]

So you are covered for 10000 no matter how old the bike is? So if after 10 years your bike is worth 3000...they will pay you an additional 7000 plus the 3000 if it is totaled?

Here GAP insurance covers the difference between what you owe on a vehicle and what it is actually worth. Which means we are all being over charged for vehicles.

 

[chrisjp]

i might have to look into this as i am going to the bash here in april......

 

[BigBadDodge]

I got it when i bought my last truck as i was upside down on the one i traded in. After having that truck stolen i can tell you its nothing but a hassle.
I paid 450 for the gap coverage
The balance after insurance was done on the loan was $669

lets do the math here balance 669
paid for service 450
= 219 needs to be paid from they're pocket

We are going on a year now and i am still fightin them to pay off the balance or refund my money so i can pay off the loan for the service that was supposed to be good Up to $10,000 difference. Be careful and look into it good. I'm not against it by anymeans i bought it when i got my truck that replaced that one but its like insurance they're all buddy buddy and there for you when your writing the checks....When the tables turn good luck!

 

[Blanca BusaLess]

My girlfriend bought the Busa for me and paid cash so the gap insurance seemed like a good idea.

So you are covered for 10000 no matter how old the bike is? So if after 10 years your bike is worth 3000...they will pay you an additional 7000 plus the 3000 if it is totaled?

Here GAP insurance covers the difference between what you owe on a vehicle and what it is actually worth. Which means we are all being over charged for vehicles.

I'm confused to? In the USA gap ins is only applicable if there is a loan involved. You paid cash for the bike so what 'gap' are you covering ?
Is this just plain ole ins you got ?

 

[newman]

Sorry for the confusion the gap insurance cost £160 for three years so about £53 a year if within that three years I write the bike off I get what my main insures would pay and the gap insurance would make up the rest to £10000 so I could get a new bike. The gap insurance only lasts three years and I don't know if I could take out another gap insurance again after that but I'm guessing that if could it would be rather expensive. I hope this clears thing up.

 

[newman]

My Brain is like a sieve I forgot, here in England Gap insurance covers you even if you brought the bike for cash.

 

[BlueHaya]

gotcha. So, say your main insurer pays you 8000 for your bike and the gap pays you 2000 to bring you back to 10000.

So what if you dont have full coverage insurance? How big of a gap will they cover?

 

[racerV]

i might have to look into this as i am going to the bash here in april......

You need Bash Insurance

 

[newman]

I don't know about American types of insurance but here in England we only have full cover insurance, third party fire and theft and third party and I'm not sure if you get can gap insurance on the last two.