What Is GAP Insurance?
This insurance provides cover in the event of a total loss for the difference in the settlement you receive from your motorcycle insurance and the amount you paid for your vehicle, the amount of outstanding finance or the amount to replace your vehicle.
What is insured?
- This insurance will pay any financial shortfall that exists between the amount that you receive from your motorcycle insurance policy at the point of a total loss and;
• The purchase invoice price of the motorcycle; or
• The cost of a replacement bike matching the original insured bike make, model, specification, age and mileage at the time of purchasing the bike, or an equivalent bike if this make and model is no longer available.
• The outstanding settlement amount on your finance agreement, subject to the original amount financed being less than or equal to the purchase price of the bike, whichever is greater.
- Any motor insurance policy excess up to £250.00
- You may also at any time transfer any remaining duration of your policy to another bike, upon payment of an administration fee of £35.00 provided that any replacement bike does not exceed the current price banding of the original insured bike subject to the terms, conditions and eligibility criteria within this policy.