I did not get GAP insurance when I purchased my bike. Can you buy GAP insurance after the face and if so where can you get it and how much would it be?

 

I believe that a few months after I bougght me pickup, my credit union sent me something in the mail about buying it. So, I think, you can call the people where you have the financing and ask for it. I'm not sure that I would buy it from someone that didn't have a financial interest in the item I was buying it for.

 

The first thing to do would be call your lender, whoever that is and find out if your financing included GAP coverage. If not, they may offer it for you at minimal cost. It's more important at the begining of the loan when you are usually way behind in the payments vs. value of the bike. After a year or so, (depending on how long you financed for) what you owe should even out or be less than the bike value.

 

I do not know much about insurance, but I can share my experience. My bike (paid for) is insured by Allstate through a carrier I have had for about 25 years. I wanted to make sure that if some thing happened to my bike, I could at least get enough to buy another one. It seems some companies will let you add a certain amount on top of NADA book value to cover accessories, so I added $6000 worth. My rep tells me that if some thing happens to my bike I will receive $6000 over the NADA book retail value.If this is true my bike is worth more totaled or stolen than what any dealer or buyer will give me for it.Will it really happen? I do not know. But if so I would not need GAP to replace my bike.

My 19 yr. old college son bought a crotch rocket on credit last June from a Yamaha dealer without consulting dad and paid $378 for gap insurance. Problem was, he did not buy primary insurance. January 27th he crashed, screwed up his leg and totaled his non paid for bike. Checked on Gap to see what they would pay even with no primary insurance. A whopping $138.00. Again, I don't know about insurance, but he paid $378 dollars to get $138 dollars 6 months later. I can add and subtract. Numbers don't add up to me.

 

Why would you want GAP Insurance on a Harley. They hold their value well enough that the most you could lose would be a couple thousand. If you have a five year loan after a year you would probably be at the break even point anyway. Save your money.

 

I use progressive insurance.They dont sell gap but I added and additional 10,000 insurance for accesories in case of theft or accident.

 

hey wideglide95 what size bars do you have, looks good, what i did my ins, is allstate also and my agent insured my bike as if it was a show bike , it is ins, for 25,000 if it was stolen book prob says around 10000, evey year i add something so i would lose my butt on reg ins, and harleys no longer hold there value go try and trade whatever you have now, it would make you sick, just look at ebay they can`t give them away, and sporters are a dime a dozen

 

The are stock bars, but with 6" risers and polyurethane bushings. They also have internal wiring and chrome covers. Been thinking about buying some chubby apes since I scratched mine. Yes so many bikes made now the values are going down. When mine was made there was a waiting list because no dealers had new bikes on the floor. I wasn't interested in trading, but wanted to see what I could do. A dealer told me he would give me $8000 on trade in and told him he must be crazy. I like mine anyway. Especially since it is paid for.

 

GAP insurance is just what it's called. It fills the gap between what the replacement value of the bike is and low wholesale blue book, or what market value is meaning what the dealers would buy it for...which is usally much much lower than what you would owe on it. BTW, you can over insure it for as much as you want, the insurance companies will still only pay you dealer market price for it. If you have $10,000 extra coverage like forchrome and acc you only get what you have reciepts for...not the full 10k. Everyone should have GAP insurance.

 

I don't think the insurance companies can give you what the dealers pay for the bike when it is totalled. They have to give you blue book value. I owe a lot less on my bike after one year than blue book value. Gap Insurance is just a big money racket for dealers. Great for them. It is probably 75% profit for them.

And you are all confused to what Gap insurance is. If you aren't financing a vehicle you cant get Gap Insurance. To say everyone should have Gap Insurance doesn't even make sense. If you owe less than the vehicle is worth GAP Insurance would pay you nothing if the vehicle is totalled.