Motorcycle Gap Insurance
Standard motorcycle insurance will usually provide sufficient coverage to protect you in case of needed replacement or repairs if ever your motorcycle gets stolen or damaged. However, if your bike’s actual cash value is less than the amount you owe on your balance, that “gap” or that difference will not be covered by the standard insurance. You will be the one accountable for paying that difference since your insurance company will not pay an amount more than what your motorcycle is worth before it was stolen or damaged. GAP insurance offers protection by providing coverage for the difference between your bike’s value and the amount of your motorcycle loan. But before anything else, you must be aware of how this gap occurs and what you can do to close it.
Be aware also of how much you are really covered. Some insurance plans already include GAP protection in their standard coverage while a number of leasing companies agree to include it for their own protection.
Points To Consider When Shopping for Motorcycle GAP Insurance
- Motorcycle dealers usually charge higher for GAP insurance than other sources.
- If you are purchasing GAP protection via Internet, be certain that you have researched the background of the dealer or vendor well, as well as the payment information, before making any actual payment.
- Be certain that the product you go for will provide coverage for all types of losses, including accidents, theft, and natural disasters such as floods, fire, earthquakes, etc.
Motorcycle gap insurance protects the value of your motorbike in the event of an accident where the bike is written off and the insurance does not pay out in full. Your insurer will typically pay out based on the value of the vehicle at the time of the accident. Due to the depreciation of your motorcyle the value can fall very quickly. Especially if the bike is purchased new and so the amount paid out will useually be a lt less than the invoice value or amount paid for the motorcycle.
How does Motorcycle Gap insurance Work
Our motorcycle gap insurance works to cover that shortfall so that you can be certain that you will be able to replace your motorcycle. For most motorcycle owners their bike is an expensive asset. After a house and possibly car it is likley to be the most expensive asset owned. If the bike was written off in an accident then it is very unlikley that you will get paid out enought to purchase a replacement mortorcycle. by taking out motorcycle gap insurance cover you get the peace of mind of knowing that the value of your bike is secure.
The Benefits of Motorcycle Gap Insurance
By taking out gap insurance you are protecting the substantial value represented by your motorcycle. Your bike is a very expensive asset and won’t be easily replaced if it is written off and the insurer does not pay out enough to buy the bike again. There are a number of key benefits:
- Motorcycle gap insurance means you are not left to pick up the shortfall.
- The cost of motorcycle insurance is considerably less than you woud expect.
- It takes just 2 minutes to complete our quote form.
- Cover is instant giving instant protection for your prized motorcycle.
- Streamlined claims process to make the claims process fast.
- Discounts on other motorcycle insurance products when you insure with us.
If you are still unsure whether getting gap insurance cover for your mortorbike is right for you you are welcome to call and speak to one of our friendly trained advisers.
