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dhuck88

Joined:

Oct 12

Posts: 1

dhuck88 says:

Is Gap Insurance worthwhile on a used bike?

Hi, just after some opinions;

Just been offered Gap Insurance with a used bike and I'm unsure whether to take it out. I bought the bike (6yrs old) outright for around £3000 from a Honda garage. I've done some reading and I won't be taking it out through the dealer due to the price but I might take it out elsewhere. It's my first 'big' bike, it's insured fully comp and I have a pretty large excess on the insurance.

What do you think? Is it worth it on a used bike of this value? Thanks

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  • Posted 2 years ago (10 October 2012 13:55)

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MarcusMarsh

Joined:

Aug 09

Posts: 2705

MarcusMarsh says:

Gap insurance

I didn't realise you could get gap insurance in those circumstances.  (I understood that it usually covers the difference betweeen what you pay for a new bike and any potential payout if it is written off)  In your case and as an older bike, the difference between what you paid for it and the payout in the event of a total loss would not be as great.

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babyblade41

Joined:

Aug 05

Posts: 7568

babyblade41 says:

IMO

I wouldn't take it out on a second hand bike and was offered it on my new bike a few months back but declined.

 

The idea sounds good but the price put me off but I suppose that coud bite me up the bottom:blink:

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MarcusMarsh

Joined:

Aug 09

Posts: 2705

MarcusMarsh says:

Gap insurance

BB - How expensive was it?

 

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babyblade41

Joined:

Aug 05

Posts: 7568

babyblade41 says:

I think it was

£300 but not 100% certain

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MarcusMarsh

Joined:

Aug 09

Posts: 2705

MarcusMarsh says:

Gap insurance

Wow - way too much!

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Boult

Joined:

Mar 07

Posts: 3215

Boult says:

GAP Insurance

is just an admission by the insurance companies that they have no intention of honouring their policies if you have a loss on a new bike / car etc.... Replace like for like!



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steveb

Joined:

Aug 02

Posts: 808

steveb says:

GAP Insurance

was designed to cover outstanding finance over and above the valuation of a bike/car at the time its written off.

 

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AdieR

Joined:

Apr 08

Posts: 3042

AdieR says:

Gap insurance

is intended to make up the difference between what insurers offer you and the price you paid - insurers will always offer you a stupidly low offer.

If you can evidence (with adverts etc) that your £3k bike is genuinely worth £3k, and not £2300 that is likely to be offered, it'll be cheaper than gap insurance that makes up the difference (ie, I wouldn't bother with it).

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