BMW R1200RT/R1250RT Forum

I bought a new bike Friday and the salesman was trying to sell me gap insurance.
I had heard of this insurance before but I’m in two minds if it’s worth it or not.
Any thoughts on the matter ?
I still have the option of buying in until the end of this month.


Duggie

As I understand it, on a brand new bike, like a car, insurance covers new replacement for the first year. You could then take out gap after that if you wanted, but I would investigate third parties as they are normally cheaper than dealers offers

Not worth it, money down the pan UNLESS you have a total write off crash and if you did then the bike's the least of your worry's,  in the words of Rodney Trotter, " Don't have a crash then "

I feel it is worth using gap insurance but as said shop around as I managed cover for 3 years at a cost of £112.00. But still be aware as there are various levels of gap insurance which was made clear on the site I used.

mondeoman wrote: Not worth it, money down the pan UNLESS you have a total write off crash or it is stolen and if you did then the bike's the least of your worry's,  in the words of Rodney Trotter, " Don't have a crash then " or ever leave it unattended in an area renowned for theft.

I bought GAP insurance because I live in Outer London. I think I used BMW GAP insurance - although it was a Yamaha.

I bought a new triumph bobber black Matt, kitted out with a few extras.
I wanted a second bike to take out on a Sunday morning just to have a blast, and have some fun on, the triumph fitted that.
Duggie

If you're a a confident, competent rider doing a low mileage, the risk of a write-off in the first year is low, so GAP insurance doesn't make a great deal of sense. I've never taken it.


If you're not confident in your ability and ride a lot of miles every day, maybe it's worth thinking about.


Personally ?  I hate insurance, but I risk assess everything. 
White goods ? Low risk, and I can afford to replace if one in ten do has happen to go duff.


Holiday insurance ?  The likelihood may be low, but the cost of medical treatment in USA for example, may be huge, so I'm going to have to shop around and make sure I've got something which will ensure I can enjoy Disneyland without worrying about what happens if I'm involved in a serious traffic accident.


So, assess the risk.  If a write-off in the first year would be the end of your career or something similarly serious you should probably go for it.  If it would just mean a few weeks off the bike while you shop around for a second-hand replacement, no.

gogs01 wrote: If you're a a confident, competent rider doing a low mileage, the risk of a write-off in the first year is low, so GAP insurance doesn't make a great deal of sense. I've never taken it.

I know I have been talking about theft insurance, which does not seems to concern non-Londoners one jot, but I bought 3-year gap insurance for my commuter bike. It was not a great deal more expensive than just 1 year.

beemerboy9 wrote: .....[size=78%] I bought 3-year gap insurance for my commuter bike. It was not a great deal more expensive than just 1 year.[/size]

So, what does your GAP insurance cover ?


If it simply pays off outstanding debt, then the three year option would presumably not be hugely more than a one year deal.


If, as it was explained to me, I would get a new bike as replacement for a write-off in the first year, the premium would have to rise significantly.


Or maybe we're talking about two different things ?

As it was explained to me was :-
If the bike gets stolen, written off within the first three yrs my insurance will pay out only the market value, gap insurance will pay the difference between market value and the initial price I paid for the bike.
This is guaranteed anytime in the first 3 yrs.


Duggie

Duggie wrote: As it was explained to me was :-
If the bike gets stolen, written off within the first three yrs my insurance will pay out only the market value, gap insurance will pay the difference between market value and the initial price I paid for the bike.
This is guaranteed anytime in the first 3 yrs.
Duggie

OK, buy a bike for, say, £10,000 and ride it for three years and 30,000 miles.
If it written off or stolen, insurance pays £5,000 and GAP makes that up to £10,000 ?
That sounds quite appealing, depending on the premiums of course.

gogs01 wrote:
OK, buy a bike for, say, £10,000 and ride it for three years and 30,000 miles.
If it written off or stolen, insurance pays £5,000 and GAP makes that up to £10,000 ?
That sounds quite appealing, depending on the premiums of course.

Just make sure it includes theft.

Through Triumph main dealer the premium is £300 for the three yrs.


Duggie

It may be different across the Pond, so take that into account....


Gap insurance will pay the difference in WHAT IS STILL OWED ON THE VEHICLE AND WHAT THE INSURANCE COMPANY WILL PAY!!!


Meaning it applies to a total loss vehicle where insurance steps in to settle the claim. Insurance companies typically pay retail value of that vehicle. Meaning what it is priced at on used vehicle markets. There are variances to that, such as tax reimbursement and added value. If you don't put down a large down payment, this difference in value of the vehicle vs the payoff can be quite large. Gap insurance steps in to fill that "gap".


In no case have I ever heard of gap insurance paying off on what the vehicle originally sold for? Sounds like salesman BS to me. Replacing the lost vehicle with a new one? No, not gap insurance. Now there are insurance plans that will pay for a new replacement in a certain time frame.


The most important thing I can add is "Read your policy yourself"!!! Don't rely on what someone tells you just to get you to sign up.

realshelby wrote: Gap insurance will pay the difference in WHAT IS STILL OWED ON THE VEHICLE AND WHAT THE INSURANCE COMPANY WILL PAY!!!

Meaning it applies to a total loss vehicle where insurance steps in to settle the claim. Insurance companies typically pay retail value of that vehicle. Meaning what it is priced at on used vehicle markets. There are variances to that, such as tax reimbursement and added value. If you don't put down a large down payment, this difference in value of the vehicle vs the payoff can be quite large. Gap insurance steps in to fill that "gap".

In no case have I ever heard of gap insurance paying off on what the vehicle originally sold for? Sounds like salesman BS to me. Replacing the lost vehicle with a new one? No, not gap insurance. Now there are insurance plans that will pay for a new replacement in a certain time frame.

In the UK you can get insurance to cover the difference between purchase price and write off payout, no idea about the company below but this shows the sort of thing you can buy
https://www.insurethegap.com/gap-insurance/return-to-invoice