Which ever Ducati you have bought, new or nearly new your local dealership should have spoken to you about gap insurance.
So what does gap insurance do?
How can gap insurance help protect you?
More importantly how can gap insurance for your Ducati save you money?
Before you can understand gap insurance you will need to accept two basic facts of life. They may sound common sense but please bear with us and we will explain.
- Fact – Which ever Ducati you have bought from the Diavel to the Super-bike it will lose value over time. For example a three year old Multistrada will not be worth the same amount as a brand new model.
- Your own insurance company will only offer your you Ducatis market valuation in settlement of it being written off.
Gap Insurance is a supplementary insurance that runs alongside your own Ducati motor bike insurance.
Lets say that you have just bought a Ducati Divel Carbon Red and paid £16495 with a few extras. Two and a half years later your Ducati is stolen. Your own insurance company now offer your the market value which for illustration purposes is now £9500. This £9500 is now the only amount that you have to use to either replace your Ducati or clear any outstanding finance unless you are happy to use your savings or take out a bigger loan. This is exactly where gap insurance can help you protect you and your finances.
Depending upon the level of gap insurance cover you choose your policy can protect your in many different ways for example…
- Do you want your gap insurance policy to simply pay the difference between you Ducati’s valuation on the day it is written off and simply clear any outstanding finance?
- Do you want you policy to pay the difference between your Ducati’s valuation and the invoice price you paid?
- Do you want your policy to pay the difference between your Ducatis valuation on the day it is written off and the cost to replace the motor bike with another the same age mileage and condition as yours was on the day you first collected it from the dealership?
With on line prices upto 85 % less for gap insurance to cover your Ducati and in some cases more why not get a quote read the policy and make your own informed choices?