Return to Invoice gap Insurance for Motor bikes

Why Buy Motor Bike Gap Insurance ?

There are many different types of gap insurance you can buy for your motor bike so why could return to invoice gap insurance be the best level of cover for you.

Return to invoice motor bike gap insurance is actually a very easy level of cover to understand.

This is because you already know today exactly how much you have paid for your motor bike.

In essence return to invoice gap insurance means that if your bike is written off that between your two insurance companies you are paid the rginal invoice price back.

What actually happens is that your own motor insurance company will pay you the value of your bike on the day it is written off not a penny more and not a penny less.

Your gap insurance policy then tops you back up to the total invoice price.

For example you have just bought a nearly new BMW Gt and paid £13495.00

Two and half years later your bike is stolen.

Your own insurance company offer you the value of your bike on the day which based on current re-sale rates would be in the region of £8200.

Without any level of gap insurance this would be the only amount that you would have to be able to buy another bike or clear any outstanding finance.

However if you had protected your bike with a form of return to invoice gap insurance your policy would then send you another cheque for the £5495.00.

This means that you now have the full invoice price back which if you paid cash for your bike is now yours to spend in which ever way you want. If you had paid for your BMW using a form  of finance then you would be legally bound to clear any outstanding finance and then the balance of the funds the deposit you have paid and the equity you had generated when you where making your payments would be yours to spend as you see fit.

Please remember that return to invoice gap insurance is just like any other form of insurance there will be terms and conditions so please always read the policy terms and conditions of any policy before you buy.

 

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress