i bike is stolen or totalled the gap covers what the KBB doesnt. bike values depricates faster than cars do, thats why they go off of KBB rather than paying off the loan.

 

KBB doesnt cover anything, idk where u got that from. it just says how much it worth, if its stolen or totalled it pays off the rest of the loan and thats it, they dont give u home much the bikes worth, just how much u owe on it.

i just got a loan this wkend and read every word of the gap insurance section so make a decision to get it, and needless to say it was worth the extra 175 bucks!

 

you misunderstood me, i was saying the gap covers what the estimate they get from the KBB doesnt cover. they go off KBB and what it would be worth in the state it was in at the time of the accident or the time that was stolen. and gap insurances might be different for cars due to you financing much more than you would on a bike. i had a friend whose bike was stolen back in august, and he owed 9 on it, and with the miles he had on it he got 7 from the insurance company and the other 2 from his gap insurance.

 

GAP insurance simply covers the difference, or gap, between what your bike is worth and what you owe on it. KBB will tell you what your insurance will pay out if your bike is totalled or stolen, so if you owe more than the KBB estimate, that difference is how much your GAP insurance will pay. It is normally worth getting/keeping if you are financing a new vehicle.

I didn't know you could even get GAP insurance without having the vehicle insured, but I am pretty sure they are still only going to pay you the difference between KBB and what you owe. I would get insurance!