I purchased a new motorcycle from Fun Bike Center and took the finance manager's (Elliot) advice and purchase the $500 GAP insurance policy. He told me that if my bike were stolen it would pay the difference between what my insurance paid off and what i still owed.
My motorcycle was stolen from me on July 27. I immediately reported it to Fun Bike Center and they said not to worry about a thing because i would get my money back. A few months went by and my GAP payment came in. $216.63.
I couldn't believe it. I called for an explanation and the GAP company told me that based on the policy i was signed up for, i would have made more money by cancelling the GAP policy than by filing the claim. Basically, I was sold a GAP insurance policy that was null and void from the moment I signed the paper because of the amount that was financed.
So now i owe approximately $2600 on a motorcycle that no longer belongs to me. I was the victim of the crime, and it feels like I am still being punished. The finance manager at Fun Bike Center did his job, he made the sale. They obviously do not care about their customers.
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