I figure a harley can be stolen and they do depreciate enough that I didn't want to pay the difference.
Gap Insurance
Outstanding HDF Member
Joined: Feb 2005
Posts: 2,925
Likes: 5
From:
RE: Gap Insurance
I didn't get it, figured if the bike was wrecked, i'd be laid up or laid out anyway.
Besides, your bike shouldn't depreciate to much the first year or two and by that time you will have enough paid off that it won't matter.
Mine stays locked up pretty good, so i'm not worried about it getting stolen.
Besides, your bike shouldn't depreciate to much the first year or two and by that time you will have enough paid off that it won't matter.
Mine stays locked up pretty good, so i'm not worried about it getting stolen.
Grand HDF Member
Joined: Apr 2005
Posts: 4,022
Likes: 3
From: Hudson Valley- NY
RE: Gap Insurance
A decent downpayment normally avoids GAP on a bike, not so much on a car. The wife wanted a mini-van (yeah, I know all about that) and we purchased a Ford Freestar in 2004 (mistake #1). A $30,000.00 van, nice downpayment, financed about $26,000.00. Fast forward a whole year, the van is no longer needed, we go for a trade on a new Camry, offered up $10,500.00 for the vehicle. [sm=WTFsgign.gif] High book on the van 1 year and 20,000 miles later? $17,000.00. Fast forward 1 more year, van has to go. Loan payoff, $23,500.00, high book value? $13,000.00. If this beast had been totaled or stolen and stripped (not that lucky) the wifey and I would have had to make up the difference. $10,000.00 "GAP" between the financing owed and the "book" value, if we did not have the additional insurance.
That's why I'll never buy a car w/o the GAP insurance.
NY Times Financial Section Headline:;;
Ford Loses Record $12.7 Billion in â06
That's why I'll never buy a car w/o the GAP insurance.
NY Times Financial Section Headline:;;
Ford Loses Record $12.7 Billion in â06
Road Warrior
Joined: Oct 2006
Posts: 1,640
Likes: 1
From: illinois
RE: Gap Insurance
they never offered me gap ins.i guess because i put alot down. i have freinds that have gap insurance and it has paid off one time when bike was totaled i guess if you need it its good
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Road Captain
Joined: Feb 2006
Posts: 744
Likes: 4
From: The Communist Republic of New Jersey
RE: Gap Insurance
I didn't get gap insurance on my bike because I put half down and the insurance would pay more than I owed.
I did get gap insurance on my leased truck. In that case I would owe more than the insurance would pay since I put nothing down. The gap insurance is $4 a month.
You should always get gap insurance on a lease or a purchase that you put little down.
I did get gap insurance on my leased truck. In that case I would owe more than the insurance would pay since I put nothing down. The gap insurance is $4 a month.
You should always get gap insurance on a lease or a purchase that you put little down.
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Road Warrior
Joined: Jul 2006
Posts: 1,302
Likes: 0
From: SW Corner of NW Corner
RE: Gap Insurance
I suppose if there is enough down, it isn't necessary... but I live like most other Americans.. so...
You only have to get burned once on a vehicle where you owe more than what your insurance will cover. Once that happens, you will find yourself getting GAP. Most extended warranties auto manufacturers sell are a huge money maker for the lenders... which is why they push it so hard (and they are usually a rip off). GAP is a money maker for the lender as well, but the buyers out of pocket $$$ is far less, and well worth it
me = burned once, never again.
You only have to get burned once on a vehicle where you owe more than what your insurance will cover. Once that happens, you will find yourself getting GAP. Most extended warranties auto manufacturers sell are a huge money maker for the lenders... which is why they push it so hard (and they are usually a rip off). GAP is a money maker for the lender as well, but the buyers out of pocket $$$ is far less, and well worth it
me = burned once, never again.
Seasoned HDF Member
Joined: Dec 2003
Posts: 7,090
Likes: 3,882
From: Murfreesboro , TN
RE: Gap Insurance
ORIGINAL: monkyman
I didn't get it, figured if the bike was wrecked, i'd be laid up or laid out anyway.
Besides, your bike shouldn't depreciate to much the first year or two and by that time you will have enough paid off that it won't matter.
Mine stays locked up pretty good, so i'm not worried about it getting stolen.
I didn't get it, figured if the bike was wrecked, i'd be laid up or laid out anyway.
Besides, your bike shouldn't depreciate to much the first year or two and by that time you will have enough paid off that it won't matter.
Mine stays locked up pretty good, so i'm not worried about it getting stolen.
If you are financing a bike (or any vehicle), GAP is really a no-brainer. It's not very much (couple hundred bucks really), adds maybe a few bucks a month to the payment, and the payout is enormous! I know several people both with cars, and a few with Harley's where it was a huge bonus for them! (keep in mind, not only do the bikes get paid off, some of the GAP's will give you $1000 to use on the next bike!) Actually the salesman I bought my first bike from (a Buell Blast), was just in the process of buying a new bike, after his got stolen and GAP helped so he could afford to get a new bike......