Sunday, October 11, 2009

Finance agent at motorcycle dealership refuse to cancel GAP insurance?

I financed a brand new 08 kawa ninja 250 yesturday. I signed the contract to have GAP insurance on my motorcycle. However, I changed my mind because it was costing too much. Therefore, I went back today and the same finance agent refuses to cancel my contract on the GAP insurance. His reason was that its already processed and it has to do something with my financing crap.

Finance agent at motorcycle dealership refuse to cancel GAP insurance?
Gap insurance is usually a good idea, however buying from the dealership is a scam. When I bought a new car, they wanted 800 for GAP insurance. I bought it on my own for 200. If I were you, I would push the issue and threaten to take action against them. YOu may also want to call up the insurance company and cancel yourself.
Reply:I don't know if you can cancel it the way you want but I'd have someone check over the paperwork, GAP insurance shouldn't cost that much and its a pretty handy thing to have.
Reply:It is absolutly 100% not a requirement to have it. It is a good idea in some cases, however you can get it for half the price somewhere else and not the dealer. But in your case you already signed the contract and its now too late. Next time tell them you dont want it before signing.
Reply:GAP is usually very cheap. I carry it on any new vehicle I purchase. I have it on my truck and bike.
Reply:It is true that you cannot cancel it and it is for your own good and for their protection. Without it, let's say you total out your bike next week. Now let's say the bike is worth $2500, but you owe $3500 on it. The insurance company will write them a check for $2500, but you stille owe $1000 on it even though it has been totalled. Now what is your incentive to pay the finance company on a bike you don't have? None! That is why they require that so that if such a thing does happen, the finance company has their asset covered and you won't get screwed.


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