Gap Insurance
Seasoned HDF Member
Joined: Sep 2006
Posts: 25,962
Likes: 9,763
From: Montana & Arkansas
RE: Gap Insurance
Ya need to define that term... there is a generic use of Gap in the insurance world, but what are the fine specifics of what was offered you?
ORIGINAL: sjcope13
Did anyone go for the gap insurance on their Harley when they bought it? Is it worth it? I guess you roll the dice and take your chances.
Did anyone go for the gap insurance on their Harley when they bought it? Is it worth it? I guess you roll the dice and take your chances.
RE: Gap Insurance
If you financed with a small down and are concerned that if you wreck the bike and will owe more than it is worth, then you need gap insurance or you can roll the dice and self insure. Meaning that if you do wreck the bike you cover the gap yourself. I bought it when I bought the bike, but then cancelled it within the first thirty days and got a full refund. They make alot of money on GAP insurance and extended warranties. Suckers bet! My $.02
Extreme HDF Member
Joined: Nov 2006
Posts: 13,389
Likes: 26
From: Windham,Maine
RE: Gap Insurance
Do not think twice.Get it.We just had to replace a newly purchased pickup that had been totaled.(yup it was me,my first total) Not having Gap Insurance cost us over $5000.00 Ouch!!!!!! We have it on the new replacement truck.For Sure! It is very cheap.
Tourer
Joined: Aug 2006
Posts: 271
Likes: 0
From: West side of TEXAS
RE: Gap Insurance
Yes very cheap, about $540 on 30,000 for a 72 month loan. That is about 7.60 a month.
...less than 2% of the cost of the loan....
(oh and I am sure this is where dealers really rake in the money)...Jk
...less than 2% of the cost of the loan....
(oh and I am sure this is where dealers really rake in the money)...Jk
Road Master
Joined: Mar 2006
Posts: 989
Likes: 0
From: Tigard, OR
RE: Gap Insurance
Do it. If not you end up paying the difference between what the loan balance is and what the insurance will pay. Very cheap insurance.
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Stellar HDF Member
Joined: Jun 2006
Posts: 2,457
Likes: 83
From:
RE: Gap Insurance
they offered me GAP, but i said that i didnt understand how i needed GAP since i was putting a nice bit of money down.... the salesman then said something like "uhhhh, ummmmmmmm...... hmmmmmm. wait- i think... no- youre right. i cant sell you GAP." [X(]
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Tourer
Joined: Jul 2006
Posts: 319
Likes: 0
From:
RE: Gap Insurance
Another option is to use an insurance company that offers replacement cost for new vehicles. I have it on a 5th wheel toyhauler through Progressive. Have my bike insurance through Geico since they were friendlier rate wise.
Road Warrior
Joined: Dec 2006
Posts: 1,883
Likes: 17
From: Williamsport, Pa
RE: Gap Insurance
ORIGINAL: IAMSWUTIAMS
If you financed with a small down and are concerned that if you wreck the bike and will owe more than it is worth, then you need gap insurance or you can roll the dice and self insure. Meaning that if you do wreck the bike you cover the gap yourself. I bought it when I bought the bike, but then cancelled it within the first thirty days and got a full refund. They make alot of money on GAP insurance and extended warranties. Suckers bet! My $.02
If you financed with a small down and are concerned that if you wreck the bike and will owe more than it is worth, then you need gap insurance or you can roll the dice and self insure. Meaning that if you do wreck the bike you cover the gap yourself. I bought it when I bought the bike, but then cancelled it within the first thirty days and got a full refund. They make alot of money on GAP insurance and extended warranties. Suckers bet! My $.02
I think its more important than a extended warranty is some cases when your handy with a wrench.