Looking for advice

[MCCARTHY432]

Hi I recently had an accident (nothing serious) and my bike has been classed as a category N write off. I’m gonna buy the bike back from my insurance for scrap price but my bike is on finance and I also have gap insurance.

 

The part I need help understanding is my finance figure left to pay is £4,800, Market value of my bike is £4,344.50, the scrap price is £1,737.80, my excess is £1,175, remaining insurance premium is £250.95, my settlement figure at the end of it all would be £1,180.75.

 

That’d mean I’d have £3,619.25 left on my finance to pay, would my gap insurance pay the rest of that or would that come out of my pocket. I don’t understand how it’d work if I still owned the bike whether they’d pay it out or not with me still having ownership. It’s my first ever bike and my first time dealing with any sort of insurance claims so not 100% sure on how it all works.

 

Any and all help and advice is welcome and greatly appreciated.

[rennie]

Hello and Welcome 

I'm sorry but having never experienced anything like this I have absolutely no idea!

[Pie man]

I'm not sure either. I thought the GAP does what it says and would pay roughly the £455.50 difference and you pay the excess and assuming you are covered, your insurance pays the rest, you then buy the bike , no. 

[Mississippi Bullfrog]

Why two threads with the same question?

[Bender]

20 minutes ago, Mississippi Bullfrog said:

Why two threads with the same question?

Probably unsure where to put it so did it twice, I've deleted the other one. 

 

@bonio I had split your reply but it appears to have disappeared when I deleted the other, my bad. 

[fullscreenaging]

It depends what level of GAP insurance you have. 
Would it not be better to contact your GAP insurance and get the info from the horses mouth? They will be able to sort it all out for you. 

Edited October 7, 2021 by fullscreenaging

[husoi]

Have a read here

 

https://riskheads.org/what-is-gap-insurance/