3 Key Takeaways from Powersports GAP Total Loss Protection
If you own a motorcycle or other Powersports vehicle, it would be to your advantage to purchase a Powersports GAP Total Loss Protection program from your dealership. This can save you from future financial burdens should your vehicle get stolen or totaled beyond repair. A lot of vehicle owners, especially first-time buyers, overlook the importance of this type or protection as they believe nothing will happen to the vehicle while in their possession. This proved to be a costly mistake in the end.
The Basics of Powersports GAP Total Loss Protection
The most basic premise of a GAP Total Loss Protection program is to provide the vehicle owner with financial support should anything happen to their vehicle to the point that it is no longer “available for use,” so to speak. The coverage and other terms of the program still depend on the provider, but typically, it covers what you still owe the dealership after the loss of your vehicle.
In a nutshell, here are the three key takeaways from a GAP Total Loss program for Powersports vehicles:
1. Coverage when vehicle is stolen and irrecoverable
One of the most frustrating and even anger-inducing experiences for an owner is to have their vehicle stolen. Whether it’s a Powersports vehicle like a motorcycle or an ATV or a regular sedan, there’s nothing more heartbreaking and infuriating than losing a vehicle to theft.
2. Coverage when the vehicle is damaged or totaled beyond repair
If you got into an accident while riding your bike or off-roading on your ATV and the vehicle gets damaged beyond repair or the repair costs are above its insured value, this is considered a total loss. If you still owe the dealership a few more payments on your vehicle, this could be a problem because you still have to pay what you owe despite not being able to use the vehicle anymore.
3. GAP Total Loss Protection covers what you owe the dealership
In the event that one of the two scenarios mentioned above occurs and you took out a loan at the dealership to pay for the vehicle, you will still have to pay them a specific amount even if you are no longer able to use your bike or ATV. Being obligated to pay for something you no longer possess doubles the pain of losing your vehicle.
Powersports GAP Total Loss Protection program aims to ease this pain and burden by covering the difference between the amount you still owe the dealer and the vehicle’s Actual Cash Value (ACV) at the time it was declared a total loss.
Learn more about Torque Group’s Powersports GAP 150 program by calling Torque Group at (800) 859-0590.
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