As every motorcyclist knows, riding a motorcycle comes with an element of danger and it’s important that you take steps to protect yourself and your bike. One of the best ways that a rider can do this is through an optional insurance policy known as GAP insurance. Some people are unaware, but if your bike were to be written off then your insurance provider would only pay the current market value which, due to depreciation, could leave you short by thousands of pounds.
Protecting Your Investment
As an example, if your bike were written off after 3 years of ownership and it originally cost £10,000 then your insurer would settle at £4,500. When you have a GAP insurance policy, they will provide the remaining £5,500 so that you will be able to afford a replacement. In addition to this, if the replacement cost is greater than the original purchase price then a vehicle replacement policy will cover the gap between the payout and the new price. This helps you to protect the value of your motorbike and also protects you against the rising cost of new vehicles.
Why It is Important
Motorcycle GAP insurance should always be purchased from a specialist provider. This will help you to find the best deals, the best level of cover and have flexibility in terms of coverage. In addition to providing the best level of cover, this will also give you peace of mind knowing that you are fully protected if you were to be involved in an accident or if the bike was damaged in a fire or stolen.
It can be dangerous to be a motorcycle owner and, unfortunately, accidents occur all too frequently and this will often result in the bike being declared a total loss. You need to protect your investment by purchasing motorcycle GAP insurance so that you will not be left out of pocket if the bike were to be written off.