Used Motorcycle GAP Insurance

GAP Insurance for used motorcycles up to 8 years old

If you’ve landed on this page, it’s probably because you have purchased a used bike recently and want to protect yourself from depreciation in the event of a future total loss (also known as a 'write off').

If you don't know what GAP insurance is… don’t worry! Simply scroll down to read all about it, including how much it costs, then click 'buy now' and you can be covered in no time at all.

GAP Insurance stands for "Guaranteed Asset Protection" and is designed to protect you from a financial loss if your motorbike is declared a 'total loss' or written-off by your underlying motorbike insurer.

If your motorbike is declared a write-off (usually due to an accident or theft), your underlying motorbike insurer will only pay you 'market value' for your motorbike at the time of the incident; therefore, because your motorbike will depreciate in value over time, there is often a “gap” in the financial settlement between what is paid out by your bike insurer and the amount that you originally paid for your bike.

If you bought your bike using a finance arrangement, shortfalls are potentially made even larger, meaning you face a potential double whammy by having an uninsured liability AND no motorbike.

You can buy our GAP cover for new registered bikes and used bikes, as long as you purchased it from a VAT registered dealership or garage;

• within the last 180 days;
• it's less than 8 years old; and
• has less than 120k miles on the clock (that would be going some!)

Important: Our GAP Insurance is for motorbikes only (not for scooters, quads or trikes).

Watch the explainer video below, then continue reading for more information, with example claims and policy premiums; as well as FAQs to help you decide.

Return to Invoice (RTI) GAP

If you have purchased a used motorbike that is less than 8 years old within the last 180 days from a VAT Registered Garage or Dealership, then RTI GAP pays the difference between your bike insurer's total loss settlement and the original purchase price you paid - including any factory fitted options and dealer fitted modifications (if they were paid for and fitted at the same time as buying the bike).

BeMoto policies are designed by bikers for bikers, so... unlike many policies:

• Aftermarket modifications do NOT invalidate your policy, whilst the insurer won't replace your aftermarket mods, neither will they penalise you for tinkering.
• Cover includes dealer fitted modifications that were paid for and fitted by the dealer at the same time as buying your bike.
• Our RTI GAP Insurance covers up to the value of the bike you paid / level you choose, i.e. if your bike was £20k and you choose the £20k option, then it will cover the full gap up to £20k.

EXAMPLE RTI GAP CLAIM: "Mind the GAP"

This Image illustrates the simple function of GAP Insurance. Imagine you buy a bike worth £20,000, and after 2 years and a lot of fun miles, you have an insurance claim that means the bike will be written-off. At that time, a reasonable market value for the bike might be £12,000 - which may clear your finance agreement but without GAP insurance you would be looking at a shortfall of £8,000 from what you paid for the bike:

• What about those factory options and dealer fitted modifications you lovingly added at the time?
• When will you afford the new modern equivalent bike, dripping with the latest tech, that's gone up in price?
• How about the extra shock of your insurance excess and potential early finance termination costs?

In this example, RTI GAP insurance could cover all of these by providing an extra £8,000 on top of the bike insurance pay-out.

How much does GAP Insurance cost?

Premiums are very competitive and the policy has been designed specifically for bikers (most are just car policies adapted for motorbikes).

Note: RTI GAP policies cannot be renewed or extended; so choose a policy for as long as you plan to keep your bike:

* Prices correct as at May 2022

BeMoto RTI GAP Insurance Benefits

Remember, the policy covers the full gap up to your chosen bike value level. No need to try and guesstimate the potential shortfall. Plus, you can still modify your bike without invalidating cover (although the insurer won't pay for aftermarket mods carried out once it leaves the factory / dealership).

Note: For RTI GAP you must have comprehensive insurance cover in place for the entire time the policy is in place.

The information on this page is a brief summary of policy benefits. For a full list of all terms & conditions please refer to the Insurance Policy Information Document (IPID) and GAP Policy Documents before purchase to be fully informed.

Used Bike GAP Insurance FAQs

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   Will GAP insurance cover the full value of my motorbike?

   BeMoto Return to Invoice (RTI) GAP Insurance is designed as a “top-up”. Your main motorbike insurer will pay a settlement of market value and the GAP insurance will pay the shortfall back to your invoice price. So whilst it doesn’t cover the full value, it does do exactly what it’s meant to in covering the shortfall or “gap”.

   Whilst you can choose the level of cover or value limit of the shortfall, your GAP policy should only be required to match the shortfall between your insurer’s settlement and either:

   • The invoice price of your motorbike
   • The outstanding finance balance
   • The outstanding rental
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   How much Motorbike GAP Insurance cover do I need?

   Motorbike depreciation is not an exact science because rates can be affected by the retention values of different bikes. Other factors include; mileage, condition, and general marketability at the time of a total loss. Many GAP policies ask you to pick a cover level for the size of gap you want to insure.

   However... BeMoto Motorbike GAP Insurance has been made simple to ensure you don't get caught out trying to calculate how much cover to purchase! Just choose the correct value band for your original bike purchase cost, including dealer fitted modifications, and your GAP cover is unlimited up to that chosen amount - so if your bike was £20,000 and you select £15,000-£20,000 level you are covered for any size gap up to the £20,000 you paid.

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   Are dealer fitted accessories included in my Motorbike GAP Insurance cover?

   Yes, dealer fitted accessories are covered by BeMoto Return to Invoice (RTI) Motorbike GAP Insurance, provided that they have been paid for at the same time and fitted at the time of purchase by the dealership, or unless included in the motorbike manufacturer’s original specification (i.e. any option fitted at the factory).

   Whilst this policy doesn't decline claims for aftermarket modifications you make once it leaves the factory / dealership (or made by previous owners and garages), these costs aren't included in claims because the policy is designed to cover the original invoice price, not modifications made after the bike has been purchased.

   So put simply, BeMoto GAP Insurance:

   • Covers factory fitted options as standard
   • Covers dealer fitted accessories (as long as they were paid for on the same invoice)
   • Does not penalise you for aftermarket alterations (although we won't pay for them either)
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   Whose name should I put my Motorbike GAP Insurance policy under?

   The person named in the BeMoto GAP Insurance 'Policy Certificate' must be the registered keeper of the Motorbike in respect of Contract Hire/ Lease Finance and the authorised User of the Motorbike and (if applicable) who is named in the Finance Agreement.

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   ​How to Make a BeMoto GAP Insurance Claim

   In the event of a possible claim under this policy, initially you should ensure that you have made a claim on your main motorbike insurance policy, then please follow the claims procedure set out below with written notice of the facts on which the claim is based, to be provided to the GAP Claims Administrator within 30 days of the date of the Total Loss.

   If such notice should not be given within such period or any extension agreed by the Insurer, no payment under this policy will be granted.
   

   Claims Procedure:

   Contact the Claims Administrator: Bankstone Ltd, Holroyds Mill, Old Lane, Halifax, HX3 5WQ or by telephoning 0330 2020 660 or emailing claims@bankstone.co.uk with the following additional information:

   • Your name, address and postcode
   • A daytime contact telephone number
   • The Policy reference number
   • The Scheme reference number – LPGBTE217
   • Details of the Vehicle

   The Claims Administrator will then advise You how to proceed with Your claim. Please quote Your policy number in all correspondence.