Extra Protection for You and Your New Motorcycle
Retail Price Protection Insurance (RRP) is often described as ‘gap insurance’ to indicate what it does. If your motorbike is stolen or written off in an accident, Retail Price Protection Insurance ‘fills the gap’ between the retail invoiced price that you originally paid for the bike, and what your normal comprehensive insurance policy will pay you.
This ‘gap’ is because insurance companies base a lost vehicle’s value on its current market value. This might sound reasonable, but it does mean that if your motorbie is stolen in the first few years, the gap between the original invoiced price and its current market value may be significant. If you had finance on that vehicle, the outstanding amount to be paid off may even be more than its current market value.
Don’t be at a Disadvantage
Without RPP (Gap) Insurance, you are at a double disadvantage if your vehicle is stolen or written off. You will need to buy a replacement, but as you don’t have your original vehicle to part exchange, you can’t get a part exchange discount off the retail price. Also, the amount you will receive from your insurance company will be based on 'current market value' - generally much less than what you originally paid. So, you will either need to settle for a less expensive, lower specification replacement bike, or find a lump sum of money that will make up the difference between the current market value and what you originally paid, to allow you to make a like for like replacement.
The Benefits
If you have RPP (GAP) Insurance, you are fiancially protected if the worst happens. It pays you the difference between the original retail price you paid and the amount your normal insurance company will give you for your lost motorcycle. If you bought the bike on finance, RPP Insurance will first pay off any outstanding finance payable to your lenders, and any money left over goes to you.
It will even pay a contribution to your standard insurance excess, leaving you in a much better position to buy a replacement.
Note: If your standard motor insurers replace your lost bike, your RRP Insurance can be transferred to the new vehicle.*
* A small administration fee may apply
Our No-Quibble Claims Process
It’s bad enough losing the car. We don’t want to make the situation harder for you. We pay 100% of valid claims and our friendly claims team will advise and guide you through the process of settling with your standard motor insurer. We also pay promptly, and let you know exactly when the money will be in your account.
Need to Know:
Retail Price Protection (RPP) is optional and is available from other insurance suppliers. Please note that the cost of RPP Insurance may vary depending on differing levels of cover and variable terms and conditions. We can provide an Insurance Product Information Document which summarises all terms and conditions and advise that you check carefully when making comparisons.