If you’ve landed on this page, it’s probably because you have at least some idea about what GAP insurance is and know how important it is. If you have no idea what GAP insurance is… don’t worry! We have all the information you need right here!
Guaranteed Asset Protection Insurance (GAP) is designed to protect you from a hit in the pocket if your motorbike is declared a 'total loss' or write off by your bike insurer.
If your motorbike is deemed a total loss (typically because of an accident or theft), insurers will pay you market value for your motorbike at the time of the incident; however, because your motorbike will depreciate in value over time, there is likely to be a “gap” in the financial settlement between what is paid out by your bike insurer and the amount that you purchased your motorbike for.
In the case of bikes that are purchased with finance, shortfalls are potentially made bigger, in turn meaning that you face a double hit by having an uninsured liability and no motorbike to enjoy or use for essential journeys.
Important: BeMoto GAP Insurance is for motorbikes only, i.e. not for scooters, quads or trikes.
Watch our video, then read on for more information, example claims and policy premiums; plus FAQs to help make up your mind.
BeMoto Return to Invoice (RTI) GAP
If you have purchased a brand new bike (or a used bike that is less than 8 years old) within the last 180 days from a VAT Registered Garage or Dealership, then RTI GAP pays the difference between your bike insurer's total loss settlement and the purchase price you paid for your bike - including any factory fitted options and dealer fitted modifications if paid for at the same time.
BeMoto policies are designed by bikers for bikers, so... unlike many policies:
Aftermarket modifications do NOT invalidate your cover, although the insurer won't replace them (they'll only pay for factory options or modifications that were paid for and fitted by the dealer at the time).
You don't need to guess the depreciation amount or "gap" to insure. Our RTI GAP policy is unlimited up to the value of the bike you paid / level you choose, i.e. if your bike was £20k and you choose the £20k option, then it will cover the full gap up to £20k.
EXAMPLE RTI GAP CLAIM: "Mind the GAP"
This Image illustrates the simple function of GAP Insurance. Imagine you buy a bike worth £20,000, and after 2 years and a lot of fun miles, you have an insurance claim that means the bike will be written-off. At that time, a reasonable market value for the bike might be £12,000 - which may clear your finance agreement but without GAP insurance you would be looking at a shortfall of £8,000 from what you paid for the bike:
What about those factory options and dealer fitted modifications you lovingly added at the time?
When will you afford the new modern equivalent bike, dripping with the latest tech, that's gone up in price?
How about the extra shock of your insurance excess and potential early finance termination costs?
In this example, RTI GAP insurance could cover all of these by providing an extra £8,000 on top of the bike insurance pay-out.
How much does BeMoto Return to Invoice GAP insurance cost?
Premiums are very competitive compared to other products in the market and this cover has been designed to be fit for bikers (most are just car policies for bikes).
Note: RTI GAP policies cannot be renewed or extended yearly or at the end of the policy; therefore, it makes sense to obtain a policy for as long as you plan to keep your motorbike:
Return To Invoice GAP Insurance - Prices By Bike Value*
2 Year Policy
3 Year Policy
4 Year Policy
Bikes up to £10,000 value
£176.96
£190.40
£221.76
Bikes £10,001 - £15,000 value
£201.60
£215.04
£248.64
Bikes £15,001 - £20,000 value
£215.04
£232.96
£275.52
Bikes £20,001 - £25,000 value
£284.48
£311.36
£344.96
Bikes over £25,000 value
POA
POA
POA
* Prices correct as at May 2022
BeMoto RTI GAP Insurance Benefits
Remember, the policy covers the full gap up to your chosen bike value level. No need to try and guesstimate the potential shortfall. Plus, you can still modify your bike without invalidating cover (although the insurer won't pay for aftermarket mods carried out once it leaves the factory / dealership).
Note: For RTI GAP you must have comprehensive insurance cover in place for the entire time the policy is in place.
Return To Invoice GAP Insurance Benefits
Cover Included
Excess contribution to minimise financial struggles (£250)
✔
14 Day Money Back Guarantee
✔
Settles Finance, Hire & Lease Agreements
✔
Cover for new and used bikes bought from a dealership or garage within the last 180 days
✔
Cover for Factory Fitted Options and Dealer fitted modifications (paid for on the same invoice)
Will GAP insurance cover the full value of my motorbike?
BeMoto Return to Invoice (RTI) GAP Insurance is designed as a “top-up”. Your main motorbike insurer will pay a settlement of market value and the GAP insurance will pay the shortfall back to your invoice price. So whilst it doesn’t cover the full value, it does do exactly what it’s meant to in covering the shortfall or “gap”.
Whilst you can choose the level of cover or value limit of the shortfall, your GAP policy should only be required to match the shortfall between your insurer’s settlement and either:
The invoice price of your motorbike
The outstanding finance balance
The outstanding rental
How much Motorbike GAP Insurance cover do I need?
Motorbike depreciation is not an exact science because rates can be affected by the retention values of different bikes. Other factors include; mileage, condition, and general marketability at the time of a total loss. Many GAP policies ask you to pick a cover level for the size of gap you want to insure.
However... BeMoto Motorbike GAP Insurance has been made simple to ensure you don't get caught out trying to calculate how much cover to purchase! Just choose the correct value band for your original bike purchase cost, including dealer fitted modifications, and your GAP cover is unlimited up to that chosen amount - so if your bike was £20,000 and you select £15,000-£20,000 level you are covered for any size gap up to the £20,000 you paid.
When can I buy a Motorbike GAP Insurance policy?
You can buy a BeMoto Return to Invoice (RTI) Motorbike GAP Insurance policy within 180 days of purchasing your motorbike from a VAT registered dealership or garage. The bike should be less than 8 years old at the time of purchase and have less than 120,000 miles on the clock.
Are dealer fitted accessories included in my Motorbike GAP Insurance cover?
Yes, dealer fitted accessories are covered by BeMoto Return to Invoice (RTI) Motorbike GAP Insurance, provided that they have been paid for at the same time and fitted at the time of purchase by the dealership, or unless included in the motorbike manufacturer’s original specification (i.e. any option fitted at the factory).
Whilst this policy doesn't decline claims for aftermarket modifications you make once it leaves the factory / dealership (or made by previous owners and garages), these costs aren't included in claims because the policy is designed to cover the original invoice price, not modifications made after the bike has been purchased.
So put simply, BeMoto GAP Insurance:
Covers factory fitted options as standard
Covers dealer fitted accessories (as long as they were paid for on the same invoice)
Does not penalise you for aftermarket alterations (although we won't pay for them either)
Is my GAP Insurance valid if I take the motorbike abroad?
Yes BeMoto Motorbike GAP Insurance covers you if a Total Loss occurs within Great Britain, Northern Ireland, Isle of Man, Channel Islands, Member Countries of the European Community, and any other country for which an international motor insurance Green Card in respect of the Motorbike is effective at the Date of Loss, and provided that your main motor insurer settles your claim.
What happens to my GAP Insurance if I change my motorbike mid term?
If, having purchased a BeMoto Motorbike GAP Insurance policy, you sell your bike, provided that no claim has been made under this insurance, you can transfer the remaining cover to the eligible replacement bike (if it is an eligible bike and worth more than the original, an additional premium may be required).
A new Policy Schedule will be issued confirming the replacement bike details. Cover will not include any refinancing.
Are Named Riders covered by my Motorbike GAP Insurance policy?
All named riders on your main comprehensive motorbike insurance policy are covered on our Motorbike GAP Insurance; however, GAP claim settlement is always conditional on your main motorbike insurer settling your total loss claim.
Anyone riding your motorbike under their own motor insurance or on a temporary/short term motor insurance policy will NOT be covered.
If my motorbike is written off by an uninsured driver, will my GAP Insurance pay out?
BeMoto Motorbike GAP insurance is conditional on you holding a Comprehensive bike insurance policy for the duration and your claim being settled by your insurer - even if they recover costs from a third party (at fault).
If the third party is unknown, e.g. a hit and run, in most cases your insurer will settle your claim in the absence of a third party policy, then subsequently try to recover their losses from the Motor Insurance Bureau (MIB).
As long as your insurer pays out, then this policy will also make a settlement.
My Comprehensive Insurer is offering me a 'new for old' replacement for the first 6 months, why do I still need Motorbike GAP Insurance in the first year?
There may be instances where your insurer reduces your settlement to market value only within this 'new for old' period. This can be for a variety of reasons, which include things like exceeding the annual mileage limits, adverse condition of the motorbike, because the motorbike has been stolen rather than being involved in an accident or if a replacement motorbike cannot be sourced within a certain number of weeks of the incident.
In addition, you only have 180 days from the start of bike ownership to purchase your Motorbike GAP Insurance policy. Once your 'new for old' period passes, if you choose not to have GAP insurance in the first 6 months and 180 days pass, you will be left with just your insurance pay-out for the remaining period of ownership and could be left with a shortfall 2, 3 or 4 years down the line.
Does a Private Plate affect when I buy Motorbike GAP Insurance?
No. You can still purchase BeMoto Motorbike GAP Insurance immediately using the original registration.
Once your private plate is fitted to the motorbike please advise us of the new details and your records will be updated free of charge.
Whose name should I put my Motorbike GAP Insurance policy under?
The person named in the BeMoto GAP Insurance 'Policy Certificate' must be the registered keeper of the Motorbike in respect of Contract Hire/ Lease Finance and the authorised User of the Motorbike and (if applicable) who is named in the Finance Agreement.
How to Make a BeMoto GAP Insurance Claim
In the event of a possible claim under this policy, initially you should ensure that you have made a claim on your main motorbike insurance policy, then please follow the claims procedure set out below with written notice of the facts on which the claim is based, to be provided to the GAP Claims Administrator within 30 days of the date of the Total Loss.
If such notice should not be given within such period or any extension agreed by the Insurer, no payment under this policy will be granted.
Claims Procedure:
Contact the Claims Administrator: Bankstone Ltd, Holroyds Mill, Old Lane, Halifax, HX3 5WQ or by telephoning 0330 2020 660 or emailing claims@bankstone.co.uk with the following additional information:
Your name, address and postcode
A daytime contact telephone number
The Policy reference number
The Scheme reference number – LPGBTE217
Details of the Vehicle
The Claims Administrator will then advise You how to proceed with Your claim. Please quote Your policy number in all correspondence.
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