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bikergran

Joined:

May 11

Posts: 49

bikergran says:

Gap insurance should I ?

Hi all just a quickie!

bought nearly new bike,,, 250cc yamaha.. keep being offered GAP insurance to be paid at the end of the 4 yrs loan  at £94.  I did have a shortfall on my scooter when it ws written off, hence has to pay the shortfall myself..!  I under stans what GAP is..but until I sighn up for it I don't gett he terme and conditions  (I wold have the right to cancel within 14 days)   ..?? any advice anyone..? thanks

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  • Posted 3 years ago (22 November 2011 12:24)

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AdieR

Joined:

Apr 08

Posts: 3042

AdieR says:

Never used gap insurance

but basically what it does is make up the difference between the bike's current value and the original price you paid.

Ie, the machines value continually drops due to depreciation, thus if you paid (say) £4k, and a year later gets written off ("current" value say £3200), ins offers say £2800 (maybe reluctantly offers £3100 with some pushing) and the gap insurance covers the £900 (£4000 paid - £3100 ins offer).

If you're planning keeping it (or if its a high-value bike), it may be worth paying the gap ins, if you're planning selling it to trade up (or its a low value bike) then it probably isn't. I'd want to see the T&C's first before I commit though.

Hope that helps.

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bikergran

Joined:

May 11

Posts: 49

bikergran says:

AdieR

Thanks for that advice..bike is valued about £3,400 . and yes intend keeping it (unless a nice little 250 custom comes along)! I have a couple more week to think about it..and yes I have learned through past experinces to read the T & C with a magnifying glass thoroughly! no matter what! you are buying..ok have fun...bfn :biggrin:

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