Motorbike GAP Insurance

GAP Insurance – What is it? Why do you want it??

Guaranteed Asset Protection or "GAP Insurance" exists to protect you against financial loss if your motorbike has been declared a 'total loss' or write off as a result of an insurance claim.

If your motorbike is deemed a total loss by your insurer (usually due to an accident or theft), the policy will usually only pay you market value for your motorbike at the time of the incident; therefore, because your motorbike often depreciates in value over time, there is most likely going to be a gap between the current market value and what you owe to a finance company or need to replace the bike with a newer equivalent.

The difference between what is paid out by your motorbike insurer and the amount that you need to pay the finance company, or, pay to replace the machine will most likely have a significant shortfall leaving you with an uninsured labiality, no motorbike, and the stress of trying to find the money to get back on the road and clear any debt.

Important: BeMoto GAP Insurance is for motorbikes only, i.e. not for scooters, quads or trikes.

GAP Insurance can remove or significantly reduce the financial shortfall

You have a choice between:

• "Return to Invoice" (RTI) GAP product for bikes purchased from a dealer within the last 185 days that covers the “gap” between the insurance pay-out and the invoice price (purchase value) of the bike,

OR;

• For second hand used bikes or bikes you've already owned over 185 days, you can reduce the risk with the "Total Loss Protect" (TLP) GAP policy, which will pay out an additional 25% on top of the insurers settlement as a tax free lump sum to significantly reduce the shortfall.

Why choose BeMoto GAP Insurance?

We have negotiated with insurers to provide products that are designed by bikers for bikers, for example:

1. GAP products are often limited to new bikes... we have options for preloved and older machines too!
2. GAP products usually only cover the value of the base level bike. We include cover of up to £1500 for factory options and dealer fitted modifications as standard (when included in your invoice price).
3. GAP products can be invalidated by aftermarket modifications, whereas these will still pay out, even if you have modified the bike yourself (the insurer just won’t cover the cost of replacing your aftermarket modifications).

Which GAP Insurance is right for me?

Have a look at the table here to see which product is suited to your circumstances.

Which BeMoto GAP Insurance*	Return To Invoice (RTI)	Total Loss Protect (TLP)
How long have you owned the bike?	Less than 185 days	More than 185 days
What is the mileage on the bike?	Less than 100,000	More than 100,000
What age is the bike?	Less than 10 years	More than 10 years
Where was the bike purchased?	From dealer / garage	From private seller
What level of bike insurance do you have?	Comprehensive Only	Comprehensive or Third Party, Fire and Theft

* If ALL of your answers fall in the left-hand column then Return To Invoice GAP Insurance is probably the cover for you; however, if any of your answers fall in the right-hand column then the only option available to you is Total Loss Protect GAP Insurance!

Return To Invoice (RTI) GAP Insurance:

Return To Invoice GAP offers you cover from month 0 up to a 48 month period. This policy covers the shortfall between the settlement from your motorbike insurance or Glass’s valuation (whichever is greater) and the purchase price of the motorbike; or if the early settlement figure is greater on your finance agreement.

For months 49 to 60, it covers the shortfall between the settlement from your motorbike insurance and the early settlement figure of your finance agreement (this is because the policy can cover finance agreements up to 60 months in term).

The policy also provides a motor insurance policy excess contribution up to £250!

This policy is, therefore, suitable if you have bought your motorbike outright, financed the purchase or have personally leased or taken a contract hire motorbike. You must also have a comprehensive insurance policy for this type of cover.

You are able to select the term of your policy and the maximum amount of benefit that you would like to cover for in the event of a total loss. This policy is therefore very flexible and can be tailored to your individual needs.

Note: For this level of cover to be appropriate for you then you must have comprehensive insurance cover in place for the entire time the policy is in place.

* If you have purchased a bike from anywhere but a VAT Registered Garage or Dealership, purchased a bike aged over 10 years or with over 100,000 miles, or the bike has been purchased more than 185 days before you purchase GAP Insurance then this cover will not be suitable. Instead you should consider BeMoto Total Loss Protect Cover below.

Total Loss Protect (25% top up) GAP Insurance:

Total Loss Protect GAP offers you a simple alternative to the main GAP products, particularly if you are not eligible for them, because:

• The length of time you have owned your motorbike is over 185 days
• The age of your motorbike is over 10 years
• The recorded mileage of your motorbike is over 100,000
• The bike was purchased from a private seller rather than Dealer or Motor Trader

As it is very rare to get Agreed / Guaranteed Value road insurance policies, other than for classic and custom builds, this product offers you an extra top up on top of your insurance pay-out towards buying your next bike should the worst happen - even if it's a bike you've owned for a long while.

This form of GAP insurance takes some of the sting out of a total loss claim as it will pay an extra 25% on top of the insurer’s settlement amount, up to a maximum of £10,000.

Your motorbike must be insured throughout the full period of the GAP insurance cover by a motorbike insurance policy issued in the UK. If you only have third party, fire and theft insurance, you can only make a claim on this product for total loss due to fire or theft.

In summary…

Whilst on the face of it, GAP insurance may seem like a no brainer, we understand that you, as our customer, want to be reassured that you have a decent level of cover. That is why we have gone that extra mile to see what the rest of the market offer and done our level best to bring you exceptional cover at great value.

We have also made it super accessible and simple to purchase without any long-winded application forms or credit checks.

When you want to take out the cover, all you have to do is click the appropriate button in the table above to set up the cover according to which product suits you best.

Avoid the potential stress and hassle of being faced with a shortfall and get your BeMoto GAP Insurance here today….