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Old 09-18-2006, 06:01 AM   #21
tomk2
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Default Re: Is Gap Insurance Right For You

Over on teh BARF message boards there's probably thread a week about some kook who goes out and buys a new GixxR1ZXRR on 100% credit, gets the minimum liability insurance... then promptly bins it.



The threads usually start with "Does anybody know where I can get plastic for my bike CHEAP?"



Even better are the threads about the kids who buy a bike (Golden Gate Cycles seems to come up a lot) and get the full rape treatment... pay thousands over list price PLUS set up fee, tax, license, transfer fees, etc, finance the whole thing... then a few weeks later they find out how bad they got screwed and the crying begins.



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Old 09-18-2006, 07:45 AM   #22
Thruxomatic
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Default I'm a perfect example of this ...

Wanted a V-Strom, but couldn't find one late in the season when I was ready to buy, so noticed that Triumph had a sale on the Thruxton financing (3.9%) that brought the monthlies within reach and bought on a whim.



Dumbest decision I've ever made. I stretched my overall budget for the bike by about 3.5K, which meant I was taking a huge risk in the first year. Of course, the bike was just stolen a week ago and my offer from the insurance company was 2K shy of what I owe, so I'll be paying all winter on a bike I don't even have anymore.



Of course, I asked at the time of purchasing insurance if they had a clause where they would buy the bike new within the first x months, but was told that no one offers that kind of insurance, so knuckled under and bought the coverage with the depreciated value. I found out today that Wawanesa, a company up here in Canada, DOES offer complete coverage in the first 2 years.



New bike this spring means new insurance company.
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Old 09-18-2006, 08:04 AM   #23
Thruxomatic
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Default Re: Is Gap Insurance Right For You

When you insure other gear, you are given the choice of depreciated value coverage or full replacement. My cameras were insured for full replacement, for example, when I was a working photographer because I couldn't afford to be without a full set of gear in the case of a theft. I paid extra for that.



I would have paid extra for that coverage on my motorcycle, too, but was told it wasn't even an option. Now the bike is stolen and my next insurance company will be one that offers that as an option - period.
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Old 09-18-2006, 10:51 AM   #24
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Default Re: I'm a perfect example of this ...

That sucks bro. I hate thieves.



I thought in Canada everyone had free health insurance and that wiped out crime.



At least that's what the media tells us here.
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Old 09-18-2006, 12:35 PM   #25
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Default Re: Is Gap Insurance Right For You

Mock me. But you need me. It's not my fault that the gov't makes you purchase it. It's my job to capitalize on it. Free enterprise at work. Anyway, wouldn't rather deal with a guy that knows what the h*ll he's doing because he rides just like you? At 40 and 25 years of riding I figured I could make a living selling something that we must have. Not my fualt you didn't think of it before me.
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Old 09-18-2006, 07:14 PM   #26
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Actually what wipes out crime is banning firearms. It's working really well in Sudan and Rwanda, not to mention England, Australia and Canada.
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Old 09-18-2006, 08:31 PM   #27
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Default Re: I'm a perfect example of this ...

wait how is this bad? I mean they gave you the value of the bike right? so why not just go buy a used one that was the same year as yours? Yea you'll still be paying for the one you had, not exactly the one you will have but it's still the same thing right?
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Old 09-19-2006, 12:42 AM   #28
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Default Re: I'm a perfect example of this ...

It isn't bad, per se, and the offer I was given was pretty fair all things told. I don't necessarily feel put out except that I'm still paying - at the moment - for a bike I don't own. Until it gets replaced with a new one, I'm essentially paying for nothing.
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Old 09-19-2006, 12:45 AM   #29
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Default Re: I'm a perfect example of this ...

The free health insurance covers injuries, as in the injuries I would cause to the rat bastards if I ever get my hands on them. That was the first new vehicle I've ever owned, so I was a bit emotionally attached. At least I wasn't the only one. We've had a bit of a run on bikes in the past month in my city, so it looks like the pros moved in for the remainder of the summer.
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Old 09-19-2006, 04:36 AM   #30
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Guns are illegal in Mexico too.
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