Motor Bike Insurance Quote
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What is GAP Insurance?
I recently applied to purchase my first motor bike. the Honda dealer was suggesting me to go for the gap insurance instead of fixing a touch alarn system on to the bike.
the guy in the showroom explained about it and told me to sign, saying that the sign is only for letting Honda know that he has informed me about it. but still I cant understand what’s it about and the difference compared to the normal insurance quote that we get for a vehicle.
Please help, as I’m new to the motoring world.
Thank you all in advance..
You will purchase your new bike for a certain price. Once you drive it out of the garage its value is considerably less than what you have just paid. If you have an accident after just purchasing it and it is written off or if you have it stolen the insurance company will only pay you what it is worth at that time and not what you actually paid. You will very likely owe more finance on it than what you will get back off the insurance and GAP insurance will cover that shortfall.