Motorbike Gap Insurance

Compare GAP Insurance for a Motorbike 

GAP motorbike insurance is designed to fully cover you in the event of your motorbike being written off or stolen. A standard motorbike insurance policy will cover you for the current market value of your motorbike. However, if you had to replace your bike or pay off your financing you may find that your standard insurance payout is not sufficient. This is why motorbike GAP (Guaranteed Asset Protection) insurance is so important. This can make certain that you can pay off your loans or be able to replace your motorbike.  

Our team at Quotezone.co.uk have streamlined the process of finding suitable GAP insurance cover for your motorbike. We help you compare multiple GAP insurance providers from across the UK. Our platform can assist you in securing GAP cover that can give you financial peace of mind. 

What is motorbike GAP insurance, and why might I need it? 

Motorbike GAP insurance is insurance that covers you in the event your motorbike is declared a total loss due to theft or an accident. It can cover the difference between the purchase price or what you still owe on a bike, and the bike’s current market value. The cover will depend on the type of GAP insurance you need, but they all aim to cover any value ‘gaps’ that your standard car insurance won’t cover. For example, VRI (vehicle replacement insurance) cover ensures the ability to replace the motorbike at the current replacement value. While RTI (return to invoice) GAP insurance covers the difference up to the price originally paid for the bike. 

Is motorbike GAP insurance worth it?

Gap insurance for your motorbike may be worth it if you believe you won’t get paid out the original value of your bike if it is written off by your insurer. Gap insurance can be particularly useful if you have a loan on the bike that is written off, allowing you to claim the difference between your loan balance and bike value.

Is it a legal requirement in the same way that regular motorbike insurance is? 

No, GAP motorbike insurance is not a legal requirement in the UK. GAP insurance is essentially designed to protect the owner of the bike in a total loss situation. It is considered optional to a standard insurance policy. It can be a particularly valuable tool in preventing financial loss if you have financed the purchase of the motorbike.  

Is GAP motorbike insurance only suitable for brand-new motorbikes? 

Not necessarily. GAP insurance for a motorbike is suitable for any motorbike in certain circumstances, regardless of its age. Note some insurers may place a maximum age limit on motorbikes for this insurance. If you have financed the purchase of the motorbike or are leasing, you can benefit from motorbike GAP insurance. GAP insurance is particularly important for brand-new motorbikes as their value will depreciate quickest. The GAP between the financed purchase price and the market value will be the most significant for new purchases. However, whether the bike is new or old, if you have financed it or are leasing, then GAP insurance can help you avoid financial loss. 

How much does motorbike GAP insurance cost, on average? 

The cost of motorbike GAP insurance can vary widely based on several factors.  

These factors can include: 

• The specifications of the motorbike. 
• The length of the finance agreement. 
• The purchase price. 
• The insurance provider. 
• The age and experience of the rider. 

Price will also vary depending on which type of GAP insurance you need. There are different types of GAP insurance, but the two key types of GAP insurance include: 

1. VRI – Vehicle replacement insurance will ensure you can replace your motorbike with a new one of the same model, age and specification if it is written off. This is essential if its market value at the time of the claim is not sufficient. 

2. RTI – Return to invoice insurance will pay the difference up to the invoice price that you paid for the motorbike. If your motorbike has a high value depreciation rate this can be especially useful.  

At Quotezone.co.uk we help you to compare GAP insurance for your motorbike. Getting quotes from multiple providers can help you choose the best price for your needs. 

How is the cost of GAP insurance for a motorbike calculated? 

Insurance companies use a range of risk factors to calculate the cost of GAP insurance, including RTI motorbike insurance.  

These factors typically include: 

• Details of the motorbike, for example, the value, age, make and model. 
• The type and level of GAP insurance opted for. 
• The duration of the policy. 
• The insured rider’s personal details and claims history. 

Does the current market value of the motorbike have a big impact on the cost of GAP insurance? 

Yes, the market value of the motorbike is a key factor in determining the financial amount that the insurer needs to cover. This will in turn impact the cost of GAP insurance for a motorbike. 

The market value reflects the current value of the motorbike. As motorbikes age and depreciate, they become less valuable. Standard insurance payouts are based on the market value of the motorbike at the time of the loss. The greater the difference between the market value and the replacement cost or original purchase price, the higher the costs of GAP insurance for a motorbike will be. 

Does my location have any effect on the cost of motorbike GAP insurance? 

Yes, typically. Your location does play a role in determining the motorbike GAP insurance cost.  

When determining the costs of standard motorbike insurance your location is an important factor. Given that GAP insurance caters for loss, including loss due to theft, the bike address is still important. Crime and accident rates in areas do play a role in the determination of premiums. 

Does motorbike GAP insurance cost more if I’m a young rider? 

The age of the rider can potentially affect the cost of motorbike GAP insurance, particularly if you are a younger rider. 

Younger riders can often be inexperienced with little to no riding record or insurance history. They are also statistically the most likely age group to be involved in an accident. Standard motorbike insurance is typically more expensive for younger riders due to these reasons. Likewise, rider age will typically affect the cost of GAP insurance for motorbikes to some extent. 

Do insurers use the same risk factors to calculate the cost of motorbike GAP insurance as they would for a normal motorbike insurance policy?  

Motorbike GAP insurance and a normal motorbike insurance policy share some risk factors, for example, the value of the motorbike, rider details and location. 

GAP insurance places an additional emphasis on the financial aspects of the coverage. Besides these common risk factors, the calculation of motorbike GAP insurance also considers: 

• Motorbike purchase value. 
• Motorbike replacement value. 
• Finance or lease terms may be applicable. 
• Depreciation rate of the bike. 
• Type of GAP insurance needed. 
• Policy duration. 

What’s the best way to compare motorbike GAP insurance? 

A very effective and comprehensive way to compare motorbike GAP insurance is to compare quotes from many insurance providers. Comparison of coverage terms and prices helps determine which insurer would best suit your needs. 

Our comparison platform at Quotezone.co.uk is purpose-built for this process. We direct you to trusted UK GAP insurance providers, so you can compare quotes and make informed decisions that match your needs.  

How can I find cheap GAP insurance for a motorbike? 

Finding cheap GAP insurance for a motorbike requires research, the collection of information and the ability to compare insurance quotes. The more you can shop around the better your chances are of finding cheap GAP insurance. 

Using an insurance comparison website like Quotezone.co.uk can make the whole process more streamlined. Our platform gives you access to a wide range of GAP insurance providers. You are not restricted to local insurers but can take the cheapest and most suitable offer from UK-wide insurers. 

What happens if my motorbike is written off in a motorbike accident and I don’t have GAP insurance? 

If you don’t have motorbike GAP insurance, then you may face financial challenges and losses. 

A standard motorbike insurance policy will typically settle claims for written-off bikes based on the current market value of your motorbike. If you financed the purchase of the motorbike, you will still be responsible for settling the loan. If you didn’t finance the purchase but, for example, bought it in cash, you may find that the shortfall in your insurance payout makes buying a new equivalent motorbike unaffordable. 

Are there specialist motorbike GAP insurance brokers I can get an insurance quote from? 

Yes, there may be specialist motorbike GAP insurance brokers. However, if you are looking for specialist GAP coverage then it could be a really good idea to try our insurance comparison website Quotezone.co.uk. We can help you with specialist coverage. Don’t be locked into your local area, or a potentially limited pool of insurers. Quotezone.co.uk can help you compare quotes from GAP insurers from across the UK. 

Will I get a cheaper policy from one of those brokers or from a price comparison site? 

Our dedicated team at Quotezone.co.uk has made finding cheap GAP insurance for a motorbike as quick and easy as possible. We provide easy access to a wide range of insurance providers enabling you to get a comprehensive idea of what GAP insurance could cost you. Our platform can assist you in your efforts to secure the cheapest motorbike GAP insurance possible. Note insurance brokers may charge for their services increasing the overall cost of the insurance. They may also have fewer options should they only work with a select number of insurance companies.