Powersports Guaranteed Asset Protection: Budgeting for a Motorcycle
If you’ve been thinking about buying a motorcycle for quite some time already but you’re not sure if you can afford it, it’s best to make a checklist to determine the general cost of ownership. When budgeting for a new motorcycle, you should also include add-on warranties like Powersports Guaranteed Asset Protection or GAP, tire and wheel coverage, battery replacement, and such.
If you plan on enjoying your bike for many years, these additional warranties and coverages will save you money and you will have peace of mind too because you’ll know that whatever happens, your bike is basically covered from top to bottom, so whenever you need certain parts to be replaced or repaired your out-of-pocket expense will be minimal, or none at all depending on the coverage terms.
Getting financially ready for a new bike
When budgeting for a new bike, the first expense on the list is, of course, the cost of the bike. Now, if you’re getting a new motorcycle, the most basic models will be the cheapest. And as the motorcycle’s components become more advanced, the higher the cost gets. Beginner models are usually within the $5,000 to less than $10,000 price range while the starting price for the more advanced models is usually set at $10,000. This could go up to $30,000 or more depending on the brand, make, and model.
Apart from the cost of the motorcycle, you will also have to factor-in the following:
- Protective gear (helmet, gloves, jacket, boots, goggles, and riding trousers, among others)
- Service and maintenance costs
- Gas or fuel
- Off-roading fees (if applicable)
- Battery replacement
- Tire and wheel replacement
You will also need to pay for your personal insurance, so you ‘ll have medical coverage should you figure in an accident while riding your bike. With that said, you also need to determine what will happen to your bike should you get into an accident.
Powersports Guaranteed Asset Protection
Torque Group’s Powersports GAP 150 offers financial protection to owners of powersports vehicles, including motorcycles, by paying for the difference between what you still owe the dealer (if you took out a loan for the bike) and the actual cash value of the unit.
GAP 150 pays for said difference if the covered vehicle, in this case your motorcycle, is declared a total loss because of an accident or theft. Total loss from an accident is declared if the motorcycle is beyond repair or if the repairs cost more than the unit’s insured value. If it has been declared a total loss because of theft, this means it was determined that the unit is irrecoverable.
Contact Torque Group today for the industry’s best Powersports Guaranteed Asset Protection
Do you have more questions about Torque Group’s exclusive Powersports GAP 150? Please feel free to call us at (800) 859-0590. You may also send a message at info@torque-group.com.
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