what is gap insurance and do i need it?
Thread Starter
Resident Ginger Kid...
Joined: Jul 2006
Posts: 3,172
Likes: 0
what is gap insurance and do i need it?
like it says... im droppin my tire protection program, extended warrenty and gap tomorrow to lower my lein out on the bike. now what is gap insurance and do i need it? i read the contract and it makes no sense to me. but i plan on swappin the motor out for a 1k motor and the extended warrenty doesnt cover that so i dont want it, tire protection, in 14 mons of havin this bike i havent had a flat or used it. i burn tires to the cords and pay outa my pocket so no need for that crap. so thats like 900 bucks to be credited back to my lein which will make me happy... so what is gap and should i keep it?
ΜΟΛΩΝ ΛΑΒΕ
Joined: Aug 2006
Posts: 4,902
Likes: 0
gap insurance put in an easy way is what the insurance company will pay off that is left on the bike. like lets say the bike gets stolen or u total it, the insurance company will only pay what they think it was worth at the time. but if the insurance company pays out 8 grand but u owe 10 on it the gap insurance will cover that other 2 grand.
hates change
Joined: Jun 2005
Posts: 4,784
Likes: 0
my question on this is...what if you dont have insurance...how will gap be handled that way...ive heard 30 different opinions on this one...
TR Balla Donor Supreme
Joined: Apr 2005
Posts: 13,697
Likes: 0
ok u are wrong, the gap insurance is when ur getting the loan for the car, u get it from ur bank/credit union. and will only work if u total the car, in which case it pays off how much u owe on the car, it doesnt pay for ur injures or any thing else other than YOUR car. It has nothing to do w/ ur insurance company
Banned
Joined: Apr 2007
Posts: 1,078
Likes: 0
ok u are wrong, the gap insurance is when ur getting the loan for the car, u get it from ur bank/credit union. and will only work if u total the car, in which case it pays off how much u owe on the car, it doesnt pay for ur injures or any thing else other than YOUR car. It has nothing to do w/ ur insurance company
hates change
Joined: Jun 2005
Posts: 4,784
Likes: 0
im not talking about injuries or anything like that...
in the even the bike is totaled or stolen and say i owe 6k on the bike...not having insurance i wont see money from the insurance company...so my question is this...is gap going to pay off the 6k or what is deemed for rightful say from kbb....
(like i said i have heard a bunch of different scenarios.....and im just trying to get it straight)
in the even the bike is totaled or stolen and say i owe 6k on the bike...not having insurance i wont see money from the insurance company...so my question is this...is gap going to pay off the 6k or what is deemed for rightful say from kbb....
(like i said i have heard a bunch of different scenarios.....and im just trying to get it straight)
ΜΟΛΩΝ ΛΑΒΕ
Joined: Aug 2006
Posts: 4,902
Likes: 0
ok u are wrong, the gap insurance is when ur getting the loan for the car, u get it from ur bank/credit union. and will only work if u total the car, in which case it pays off how much u owe on the car, it doesnt pay for ur injures or any thing else other than YOUR car. It has nothing to do w/ ur insurance company
