Gap Insurance.....worth it?

Theboybilly · Post by **Theboybilly** » Fri Jun 15, 2012 10:30 am

My dealer offered me Gap insurance today, which means that I will get the full replacement value of a PCX for up to 3 years (as opposed to current market value)
Has anybody taken this option? I was quoted £199 for three years which is obviously £66.33 per annum)
My PCX will be living outside under a cover so am pondering this issue and would appreciate opinions.

Bill

louthepoo · Post by **louthepoo** » Fri Jun 15, 2012 12:29 pm

I've had it before on cars and never used it. I wouldn't bother personally, £200 is a lot for a £2.5k vehicle. I paid £250 for a £6000 car.

Theboybilly · Post by **Theboybilly** » Fri Jun 15, 2012 1:17 pm

You're probably right. I might shop around and see how much cheaper I can get it. It does seem a lot when you consider they are just 'topping up' any payout and not the whole amount.

Bill

gn2 · Post by **gn2** » Fri Jun 15, 2012 7:43 pm

Gap insurance is a rip-off.
My fully comp insurance is less than half that.

Theboybilly · Post by **Theboybilly** » Sat Jun 16, 2012 5:41 am

The thing is, say midway through year 2 my PCX is stolen. My fully comp will pay me full market value (let's say £1600). A brand new PCX will cost by then around £2700. I'll need £1100 at least to cover the cost of a new PCX or go down the 'used' route. I may well be able to pick up a minter at that price but I would be very lucky indeed. I can see the attraction of GAP Insurance but think that the quote offered is just a tad high for a £2500 scooter. I'm sure I can shop around over the weekend and get that premium down.

Bill

gn2 · Post by **gn2** » Sat Jun 16, 2012 6:15 am

Theboybilly wrote:The thing is, say midway through year 2 my PCX is stolen. My fully comp will pay me full market value (let's say £1600). A brand new PCX will cost by then around £2700. I'll need £1100 at least to cover the cost of a new PCX or go down the 'used' route. I may well be able to pick up a minter at that price but I would be very lucky indeed.

But if you add the price of two years of gap insurance at £400 to the £1600 you will have £2000 to spend if you don't buy the gap insurance.
You'll easily pick up a decent used PCX for £2000 or you're £400 up if it doesn't get stolen.
Remember as with all insurance policies there will be small print, there's no guarantee that the gap insurance will pay out in all circumstances or on time.
Best avoided i.m.o.

Theboybilly · Post by **Theboybilly** » Sat Jun 16, 2012 7:55 am

I understand what you are getting at but can I just clarify that the quote was £199 for 3 years and not £200 for one year. You are, of course, correct in saying there will be small print. Insurance companies don't enjoy paying out.

Bill

wallacem · Post by **wallacem** » Sat Jun 16, 2012 9:51 am

Keep this in mind on ANY optional coverage a dealer tries to sell. It is profitable for him to sell it, not you. If you want it, great, but keep in mind it is a profitmaker for him, not you. Wallacem in Ga

Woolley · Post by **Woolley** » Sat Jun 16, 2012 4:10 pm

Its a scam, as is all insurance. I'd rather buy £199 worth of inflatable dartboards or chocolate teapots than give it to an insurance company.

TC3 · Post by **TC3** » Sat Jun 16, 2012 4:36 pm

Woolley I happen to have a load of chocolate teapots I need to off load ..... :-D

Woolley · Post by **Woolley** » Sat Jun 16, 2012 6:07 pm

If I pay you extra will you replace them with new ones if they break or just current market value?

maddiedog · Post by **maddiedog** » Wed Jun 20, 2012 11:18 am

I'm a new firm in the chocolate teapots insurance market, we'll beat TC3's rate because we are severely understaffed to keep our rates low. I will accept extra to replace broken pots with new ones too, one time price of an extra $200/mo. *

*Note: You, Wooley (henceforth referred to as "the rider") will be provided the claim given you qualify for the ludicrous requirements we may or may not outline below, in addition to any fictious rules, regulations, statuates, ideas, or concepts we may come up with during the process of refusing to process your claim. Maddiedog insurance corporation will accept your money to insure your chocolate teapots, but will never pay out, unless the government intervenes or the marginal cost of paying our attorneys to fight yours is greater than the cost of just paying you out in the first place. Oh, and in that case, we will sit on the money, twiddle our thumbs, make tea, masturbate, and otherwise procrastinate as long as possible to hold your money. Possibly until we claim bankruptcy from paying our CEO too much to golf.

Woolley · Post by **Woolley** » Wed Jun 20, 2012 6:09 pm

If you were a real insurance company, i would accept your quote, because at least you speak the truth!

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