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Northern Ireland Motorcycle GAP Insurance
As the name suggests, motorcycle guaranteed asset protection (GAP) insurance can sometimes prove invaluable if you’ve bought a new motorcycle which is subsequently written off. This type of GAP insurance kicks in in the event that your motorcycle is declared a total loss due to an accident, theft, or other incident that is covered by your main motorcycle insurance policy.
In this case, your insurer will usually pay out the market value of your motorcycle at the time you are making the claim. And if this value is a lot less than you either paid for the bike a few years ago or owe on a loan or lease you purchased the bike with, this is the last thing you want to hear.
Buying GAP insurance means that you will be covered for the ‘gap’ between the amount you paid or owe on your motorcycle loan or lease, and the market value that your insurers will cover for your motorcycle’s loss.
In other words, if you buy a motorcycle, and by year three its market value has dropped by 60%, your insurer will only cover 40% of the original cost if it is considered a total loss following an incident. Northern Ireland Motorcycle GAP insurance will cover the 60% gap, so you don’t have to suffer this loss.
Cheap NI Motorcycle GAP Insurance
Don’t worry, generally speaking, this type of insurance will only cost a fraction of your main motorcycle insurance premium (although this obviously varies from case to case). But you still don’t want to pay over the odds, so it’s best to shop around and compare cheap NI motorcycle GAP insurance.
How much does motorcycle GAP insurance cost in Northern Ireland?
There is no one answer to this question. The cost varies from policy to policy, but if you are looking for a cheaper motorcycle GAP insurance NI policy, here are some factors that will have an impact on what you pay:
- The value of your motorcycle -The more expensive the motorcycle, the higher the potential gap between its value and the outstanding loan or lease balance.
- The amount you owe on your loan or lease – A larger loan or lease balance could result in a higher GAP insurance premium.
- Your bike’s depreciation rate- Motorcycles that depreciate quickly might have a higher GAP insurance cost.
- The specifics of your GAP policy – Things like coverage limits, term length, excesses or optional add-ons can all affect premiums.
To find out the cost specific to you, just enter a few details now and get personalised quotes from NI motorcycle GAP insurers.
How can I get cheaper motorcycle GAP insurance in NI?
When trying to get cheaper insurance premiums, the key is to be aware of the gap you will be insuring and shop appropriately. Here are a few measures that could help you get cheaper GAP insurance:
Research your motorcycle’s depreciation rate
This will help you gauge the size of the gap that you are insuring and make sure you don’t pay more over insuring your motorcycle unnecessarily.
Consider shorter term coverage
If you’re planning to keep your motorcycle for a shorter period of time, consider getting shorter coverage terms as these can be cheaper.
Know the type of GAP insurance you need
There are variations in cover within GAP insurance and some cost more than others. The one you need will usually be specific to your circumstances, for example how you bought your motorcycle or how long it has been since you purchased it. Speaking to NI GAP insurers about which option works best for you and your budget could help you keep costs down.
Compare motorcycle GAP insurance quotes
The dealership where you purchase your motorcycle might offer you a GAP insurance policy, but it may not be the most cost-effective option. It’s a good idea to shop around and compare GAP insurance quotes so you can make sure you are getting the price and coverage you need.
When do I need to buy Northern Ireland motorcycle GAP insurance?
GAP insurance is particularly helpful to protect your assets under a few different circumstances, including:
- If you are leasing or financing your motorcycle: this can lead to your motorcycle’s value depreciating faster than your loan or lease balance decreases, so GAP insurance will cover this potential loss.
- If your motorcycle has a particularly high depreciation rate: This could be the case, particularly if you own a luxury motorcycle.
- If you have made a low down payment on your motorcycle: this means your initial equity in your bike is lower so there could be a larger gap between your loan balance and your motorcycle’s value.
- If you have long loan terms: again, this could lead to your motorcycle devaluing faster than your loan balance decreases.
- If you have rolling negative equity: this is where you trade in a vehicle with an outstanding loan balance and roll the remaining balance into a new loan for your bike. This usually leads to a higher gap.
Can I buy motorcycle GAP insurance at any time?
There can be limits to how long after your motorcycle purchase you can buy GAP insurance, but this varies across different insurers.
For example, some insurers will only offer you return to invoice (RTI) cover if you have bought your bike in the past six months. However, if this is the case, you may be able to get agreed value cover (AVC) which will cover you for an agreed value of the motorcycle at the time you are buying your Northern Irish motorcycle GAP insurance.
Is motorcycle GAP insurance a legal requirement in NI if I’m getting a motorcycle on finance?
No, it is not required by law in Northern Ireland. But Motorcycle GAP Insurance NI is still a good idea, especially if you have unfavourable financing terms such as high interest rates or extended loan terms. This is because it will increase the chance that your motorcycle’s value depreciates faster than your loan or lease balance decreases.
Can Northern Irish motorcycle GAP insurance be added on to my regular motorcycle insurance?
While some insurance companies might offer GAP insurance as an option, GAP insurance is usually bought as a separate policy rather than being directly added to a regular motorcycle insurance policy.
While both types of insurance offer motorcycle protection, they are distinct and serve different purposes. GAP insurance is focused on covering the financial gap between your loan or lease balance and the actual cash value of your bike. Meanwhile, regular motorcycle insurance covers a broader range of risks, including damages, injuries, and other events.
When buying GAP insurance it’s best to compare costs and terms from different policies and insurers so you can make an informed decision and find a policy that fits your budget.