What is motorbike vehicle replacement insurance what does it do and how can it help protect you?
We already know the importance of motorbike gap insurance and how it can protect you should you motorbike be written off.
In most cases you will have been offered a form of retrun to invoice gap insurance from your motorbike dealership and while there is nothing wrong with this level of cover there is one fundermental flaw!
The world of motorbikes is as fast and dynamic as the bikes themselves with manufacures constanly upgrading, mnodifying, changing specifiactions all in the hope of tempting you to buy another muct have motorbike. This means that over time the prices of motorbikes increase.
Combine this incraese with other factores such as rates of vat, manufactures costs, labour costs and transportation and it means that should the worse happen even if you have protected yourself with a form of gap insurance you may still find that there is a shortfall.
Let me show you exactly what I mean.
Lets say that you bought a Kawaski Ninja ZX 10R three years ago and paid £10450. You motorbike has just been stolen and your own insurance company pay you the market value of the bike which for illustartion purposes is £6600. You where however wise and protected yourself with return to invoice gap insurance which now tops you back up to £10450 (less road fun which you can claim back from DVLA ) essentially you now have your purchase price back.
The problem is that bikes change and prices change. So now to buy the same bike again costs £11995.
This means that unless you are happy to buy a nearly new motorbike, or perhaps dip into any savings you have there is still a shortfall.
Vehicle replacement insurance was made for just this as instead of normal forms of retrun to invoice to takes you back to the replacement cost of a like for like motorbike the same age milegae and condition as yours was on the day you drive it home.
So why not consider VRi gap Insurance for your motorbike?