Yes, it is covered in the United Kingdom, the Channel Islands and the Isle of Man and is also covered whilst outside the UK, Channel Islands or Isle of Man for a maximum of 90 days in any 12 months of cover.

No; but to be clear, negative equity in this context means a finance balance for a previous vehicle which has then been added to a new finance agreement for a new vehicle. Only finance relating to the new motorbike is covered.

GAP policies cannot be renewed or extended yearly or at the end of the policy; therefore, it makes sense to effect a policy for as long as you plan to keep your motorbike.

If, having purchased a policy, and then subsequently change your motorbike before the policy expires, we will provide you with a monthly pro rata rebate of the original premium (subject full outstanding months and a £35 administration fee) which can be used in one of two ways:

1. It can be used by you as part of the premium for a new policy for your new vehicle, or
2. You can simply keep the rebate and use it as you wish.

• Some cars especially used for Driving Tuition or Heavy goods vehicles.
• Vehicles used for trials or off-road use.
• Vehicles used solely for delivery or courier purposes.
• Vehicles used for driving tuition.
• Any vehicle sourced from outside of the UK will only be covered with the express agreement of the Administrator.
• Quad bikes, trikes, scooters, driving school vehicles or courier vehicles.
• Motorbikes used for competitions or rallies, track days, racing, pace making, speed testing, reliability

The insurers are covered by the Financial Services Compensation Scheme (FSCS) established under the Financial Services and Markets Act 2000. You may be entitled to compensation of up to 90% of the cost of your claim in the unlikely event that the insurer cannot meet its obligations. Further information about compensation scheme arrangements is available at www.fscs.org.uk

Yes, the policy wording explains in detail all exclusions; however, the most common reasons a GAP policy will not pay out are:
• If your main motor insurance policy insurer refuses your claim.
• If a fraudulent claim is made.
• If you decline an offer of a replacement Vehicle under the terms of your Motor Insurance Policy, then your GAP insurance will settle your claim based on the value of the replacement vehicle and not the settlement figure offered under your Motor Insurance Policy

Yes provided that they are all included in the original sales invoice.

The person named in the Policy Schedule must be the owner or registered keeper of the Insured Vehicle or must be financing it on behalf of the owner or registered keeper.

It would be wise to consider the possibility that there may be instances where your insurer reduces your settlement to market value only. This can be for a variety of reasons, which include things like exceeding the annual mileage limit pro rata, adverse condition of the vehicle, because the vehicle has been stolen rather than being involved in an accident or if a replacement vehicle cannot be sourced within a certain number of weeks of the incident. In addition, it should be noted that you won’t be able to effect a GAP policy after 180 days have passed since you “purchased” your vehicle. If you do not have GAP insurance, you could be left with a shortfall.

No.

Contract Hire and Lease agreements vary and things like maintenance charges may be included in your settlement figure from the finance company at the time of a total loss, but these would not be covered by your GAP policy. We recommend that you check your agreement for specific details.

Other costs which are not covered include:

• Road Fund Licence
• Excess mileage charges
• Late payments or arrears
• Initial deposits

Not all comprehensive insurance policies provide cover if insured vehicles are hit by an uninsured driver, so it is best to check your policy.
GAP insurance is conditional on your main motor insurer settling your claim in the event that the vehicle is written off. Provided they do, and you follow the claims procedure, then a settlement will be made.

our policy is only transferable in the following circumstances: -
• If, in the event of a Total Loss your vehicle insurer replaces your bike with one of the same make, model and specification, the insurer will provide a new policy for this bike for the remainder of the period of, and providing the same cover as was provided under, your original policy.
• In the event of your death within the period of this policy the remaining benefit of this insurance may be transferred to your spouse or partner. If you sell or change your bike, provided that no claim has been made under this insurance, you may transfer this policy to an eligible replacement bike. For any transfer on your Gap policy, any administration fee plus any additional premium payable will need to be paid prior to any amends being agreed. You can make amends to your policy by contacting support@nice-1.co.uk

No; there is no need for it to do so because it would be refundable pro-rata by the DVLA if your vehicle is written off. If your vehicle is declared a total loss by your insurer, you send section 9 of the vehicle logbook to the DVLA. You will then receive an automatic refund in the form of a cheque within 4 weeks.

Yes. It is best to check the policy wording for a detailed list but exclusions of this nature would be things such as VAT if you are VAT registered, delivery cost, first registration fee, extended warranty charges, insurance products, service plans, arrears negative equity, administration fees, fuel, road fund licence and dealer fitted options (although factory delivery and fitted options in the original purchase invoice are covered).

No, because in the event of a total loss, your main vehicle insurer will pay a settlement of market value and the GAP insurance is designed to “top-up” their settlement. Your GAP policy should only be required to match the difference between your insurer’s settlement and the outstanding balance on your financing agreement if larger than your invoice value. otherwise it will top-up to the invoice value (please see What is Combined RTI plus GAP?).

This policy pays the difference between either the vehicle insurance settlement at the point of total loss and the invoice price paid for your vehicle

OR,

if you have purchased your vehicle under a finance agreement (except where the policy is transferred) or rented your vehicle via a contract hire/lease agreement and the contract hire/lease early settlement amount or early settlement amount at the point of total loss is greater than the original invoice price, this Insurance will pay the difference between the vehicle insurance settlement and the contract hire/lease early settlement amount or early settlement amount.

In all cases, the maximum amount paid is restricted to the claim limit you choose and is shown in your Policy Schedule. Cover will also include up to a maximum of £1000 of your main vehicle insurance excess, even for a claim for a normal road traffic accident i.e. not just a write-off. This policy is, therefore, suitable if you have taken your vehicle on contract hire, lease or purchased it using any of the standard financing agreements or if you purchased it for cash. You are able to select both the term of your policy to match your agreement term and the maximum amount of benefit that you would like to cover for in the event of a total loss. Please read the Frequently Asked Questions which represent brief summaries; therefore, you should also check the policy wording thoroughly to ensure that the policy suits your needs.

To make a Claim, within 60 days of the incident, You should complete the online claim form at www.mbginsurance.co.uk Completing the claim form will provide Us with all of the necessary information that We require in order to quickly process Your claim. Please note that failure to provide all information at this point may mean that We will not be able to process Your claim. Alternatively, You may contact the Administrator during office hours: 9am - 5pm Monday - Friday on 0191 258 8199. Alternatively, please write to: Mechanical Breakdown & General Insurance Services Ltd Cobalt Business Exchange Cobalt Park Way Newcastle NE28 9NZ PLEASE NOTE It is a condition of this insurance that You must not accept any settlement offer or valuation from a motor Insurer without first contacting the Administrator If You accept the Vehicle Insurer settlement offer without the Administrators agreement, We reserve the right to contact Your Vehicle Insurer in Your name to access the offer of settlement, and where necessary, seek settlement in-line with the Market Value at the time of the incident that lead to Your Vehicle being declared a Total Loss.

We rely on your main motor insurer to settle a claim and, as long as they do, so do we. For example, your insurer may not settle or may significantly reduce your settlement if your vehicle is stolen with the keys left inside because they may conclude that it is negligence e.g. if the keys are left inside whilst de-icing or paying for fuel. If this is the case, your GAP insurance cannot settle.

If your keys are stolen from your house or bag, your insurer would most probably settle your claim, in which case, so would your GAP insurance.

In one instalment at outset.

No. You can still purchase the GAP insurance immediately using the original registration. Once your private plate is fitted to the vehicle please advise us of the new details and we will update your records free of charge.

Unfortunately, no.

You may purchase a policy provided you do so within 180 days of “purchasing” your vehicle, provided that, at the time of “purchase”, it is less than 10 years old, has completed less than 100,000 miles, its value is no greater than £125,000 and it has been “purchased” from a VAT registered dealership or internet broker.

GAP claim settlement is always conditional on your main vehicle insurer settling your total loss claim.

You must have in place for your vehicle a fully comprehensive vehicle insurance policy, issued by an authorised UK vehicle insurer, and which is maintained in force in your name throughout the period for which you are insured under your GAP policy.

In addition, cover extends to all named drives on that policy provided they have your consent to drive and they hold a valid driving licence and are not in breach of the conditions of that driving licence.

Yes. You must be aged 18 or more to purchase a GAP policy.