gap insurance, never a bad idea

[ucsigep]

I posted a video not long ago of a friend that wrecked his R1. Well, he just got the word today that the insurance company is totalling out the bike. The estimate was ~$8,500, they are claiming the bike is only worth $8,000. I think it's BS that they say it's only worth 8, but whatever. Anyways, he still owes ~$13,000 on the bike, so he has to come up with $5,000 more just to get the loan paid off for a bike he can no longer ride. We're trying to get him to buy the bike back for $1,000 and part it out to try and recoup the money, but he's really bummed out right now that he lost the bike.

So a word to those financing their cars, motorcycles, etc, be sure and get gap insurance. I don't have it, but have been extremely lucky that my cars blue book value is keeping right up with my loan. You better believe anything I finance from here on out I will get it.

[92tsiawd]

Damn he owes 13K on it, the Manufacturer's Sugg. Retail Price...$10,699. I'm sure they can be more but damn. I've been out of the bike world for awhile they have gone way up. I always thought Gap insurance was a waist of money!:D

[MrBlunt]

We have that on the kia through the dealership for 4.00 extra a payment. I have it on the eclipse through progressive. Very much worth it if you owe boat loads over the price insurance says its worth. Best deal is to check with your rep on what they say the value of your ride is then make your decision. My sister got burned in a similar way as well. She had to roll about 7 grand in negative equity into another loan b/c her ass boyfriend wrecked HER car.

[Dweet]

i have gap on my tib :D