Motorbikes and scooters can be seen in large numbers on the roads of the UK. Indeed, there are around 1.25 million of them traveling the highways each year.
Like nearly every form of transport, motorbikes and scooters need a significant investment to buy. Over time, and again like most modes of transport, they will lose.
The consideration for GAP Insurance is at least as important for motorbikes as it is for cars. Given that it may be even easier to steal a motorbike (have you ever tried lifting a car onto a trailer?) it could be even more important.
According to the Police Association, the number of motorcyclists involved in road accidents is around 20,000 per year.
So GAP Insurance may be something that motorbike and scooter owners would consider. Then comes the real problem......
A quick internet search for GAP Insurance then you will find any number of brokers who will cover cars. The same cannot be said for motorbikes and scooters.
It can be argued that underwriting for GAP cover on motorbikes is riskier than for cars. This may be the reason for the scarcity of options.
The great news is that EasyGAP can cover both motorbikes and scooters. The premiums are very reasonable too!
Motorbike and Scooter GAP Insurance from EasyGAP
What Motorbike GAP Insurance from EasyGap can do
The product we offer for Motorbikes and Scooters is the same cover we provide for cars. This is a Combined Return to Invoice GAP. This can cover you, in the event of a total loss, between the motor insurers settlement and the higher of:
the outstanding finance settlement
the original invoice price you paid for the motorbike of scooter
Let's illustrate how the cover can work, by way of an example. Mr. Brown buys a Honda CBR1000RR Fireblade for £15769 in 2020. He takes the bike on a PCP finance agreement over 36 months.
In 2022 the bike is stolen. Mr Brown is offered the 'market value' for the bike at that time of £9250 by his insurer. He owes £9950 still in the finance agreement.
The Motorbike GAP Insurance covers the difference between the £9250 paid by his insurer, back to the price Mr Brown originally paid.
Mr Brown gets the full, original £15769 invoice price back, with £9250 from the motor insurer and £6519 from the GAP Insurance.
Mr Brown can then settle the £9950 he still owes the finance company. This leaves him with £5819 to use as a deposit on a replacement motorbike.
Key requirements for Motorbike GAP Insurance
There are a few factors that must be met for your cover to be valid. These include:
You must have bought the motorbike or scooter from a VAT registered dealer within the last 180 days (or not collected it yet).
The vehicle must be listed in Glass' Guide
The motorbike and main motor insurance must be in your name
You must have fully comprehensive motor insurance in place. The insurance must cover you back to the market replacement value of the vehicle. We cannot cover vehicles insured under a motor trade policy.
Your motor insurer must cover you for any incident you are claiming for, and pay out the market value. If the motor insurer does not pay out you cannot make a claim on our cover.
For more information please feel free to contact us, or click for a quote to see how costs effective Motorbike and scooter Gap Insurance can be.