For example, if a motorcycle costing £8,000 was written off after 12 months, most motorcycle insurance companies would pay out the current market value, which might only be £6,000. If you wanted to then replace your motorcycle with one of similar value, you would have to find the difference.
Or, if you had taken out finance to spread the cost of paying for your motorcycle, then you could find that the amount received from your motorcycle insurance company was less than the amount you still owed on your finance agreement.
In either event, you could be out of pocket – this is where a Mapfre GAP policy could help you.
If your motorcycle is written off and a settlement offer is made by your motorcycle insurer (or 3rd party through an accident management company), Mapfre will pay you the difference between the amount paid out by your motorcycle insurer (or 3rd party through an accident management company) and the original purchase price you paid for your motorcycle.
If your motorcycle is subject to a finance agreement and the early settlement amount is greater than the original purchase price you paid for your motorcycle then Mapfre will pay you the difference between the amount paid out by your motorcycle insurer (or 3rd party through an accident management company) and the finance early settlement amount. Any payment will be paid directly to the finance company on your behalf, and if there are any excess funds, these will be sent to you directly.
Whether you have purchased your motorcycle on finance or not, a Mapfre GAP policy could return you to the original position you were in when you first purchased your motorcycle.