Purchasing Gap Insurance for your motorcycle could be one of the cleverest things that you ever buy. Not many people realise that motor insurance is not the be all and end all and if you love embracing the open roads on your motorcycle, you are exposed to accidents. Motorcycles are also unfortunately a lot easier than cars to steal and so they are constantly at risk from thieves. If you were ever in the unfortunate event of having your motorcycle written off or stolen, then your motor insurance would only ever grant you with the amount your motorcycle is worth on this day. Due to depreciation, which starts as soon as you drive your bike away from the showroom, this motor insurance valuation is likely to be a significant amount less than the amount you originally paid.
This is exactly where shortfall Insurance comes in for you and your motorcycle.
Depending on which type of Gap Insurance you opt for, you can either, along with your motor insurance valuation, clear any outstanding finance you may have on an agreement, protect the invoice price that you paid for your motorcycle, or gain the amount necessary to be able to purchase another motorcycle, the same standard, specification, mileage etc as yours originally was.
Finance Shortfall Insurance for your motorcycle?
This type of protection will quite simply pay the difference between your motor insurance valuation on the day your bike is written off or stolen and clear any outstanding finance you may have on an agreement. This leaves you in the same position as you were before you acquired your motorcycle. It would certainly not be ideal, after going through the ordeal of an accident or being the subject of vehicle theft, to then have to find money to repay a finance company, who legally are able to demand any outstanding payments within 28 days. This will leave you to walk away with no financial liability.
Return to Invoice Gap Insurance for your motorcycle?
Return to Invoice Gap cover, along with your motor insurance valuation, will return you back to the original invoice price that you paid for your bike. For example, if you paid £8,000, three years later your bike was stolen and was now worth £4,000, then Return to Invoice Gap Insurance would top up this valuation with the £4,000 necessary to take you back to the original invoice price. This leaves you able to clear any outstanding finance if necessary and able to look around for a new bike and focus on the more important things like gaining your confidence back.
Vehicle Replacement Gap Insurance for your motorcycle?
As you are more than likely aware, motorcycles are constantly changing and with your favourite manufacturer’s constantly improving specifications to rival their competitors, it is almost a certainty that costs are going to increase. Therefore if your bike is stolen or is written off, just gaining your original invoice price back may not be enough for you to be able to purchase the same standard of motorcycle again. Vehicle Replacement Gap Insurance will top up your motor insurance valuation with the amount necessary to be able to purchase the same standard of vehicle again, same age, mileage etc, as yours originally was. You are now able to clear any outstanding finance if necessary and do with your funds what you see fit, whether that is to purchase the same motorcycle again, or something completely different altogether.
With some online providers offering prices up to 90 % less than main dealerships is worth taking the risk of not having Gap Insurance. Shortfall cover could literally save you thousands of pounds if the worst was to happen and can take the financial strain off your shoulders, so instead you are left with choices and not worrying about how you are going to repay your finance company, or purchase a new bike. Call today and speak to a professional and efficient adviser who can offer advise on the smallest query or help you with which Gap Insurance is right for you and your situation.