In case your Powersports vehicle is declared, for some reason, a total loss, the GAP, known as the Guaranteed Asset Protection, will pay the difference between the balance of the loan and the Actual Cash Value or ACV of the vehicle. A credible dealer will give you this protection for motorcycles and other vehicles under Powersports. You are able to get the peace of mind needed for the optimal enjoyment of the vehicle.
Understand the benefits of The Powersports Gap 150 Total Loss Protection
The Powersports Gap 150 Total Loss Protection will offer you, as the customer, the following advantages-
- Pays you the difference between the insurance settlement or the NADA Retail Value (whichever amount is greater) of the vehicle during the time of the total loss, and the remaining balance of the loan that you are no longer paying on the vehicle that does not belong to you.
- Gives you up to $1,000 of the deductible of the customer insurance.
- GAP 150 is the coverage that is the highest available on such GAP policies.
- This coverage starts immediately and can be canceled at any time.
Reasons for you to take this coverage
One should note that this coverage is very important today as loans are getting higher from the bank, and customers find themselves with increased debt if there is a total loss. At the same time, when customers buy a Powersports vehicle, they begin with a loan with a negative balance that arises from depreciation.
Your Powersports vehicle will be considered to be a complete loss if-
- The damage incurred during an accident increases the salvage and repair costs more than its insured value or has been stolen and is now not irrecoverable. Experts in the field state that most of the above losses generally take place in the first six months of your ownership.
- Generally, despite this total loss, you still need to pay the difference between the amount you have to pay to the dealer, based on the contract for Retail Instalment Sales, and the actual cash value of your vehicle at that time when it was declared to be a total loss.
How can you get this coverage?
You will get Powersports Gap Protection on both new and used financed vehicles. The program covers all kinds of Powersports vehicles so that you get GAP insurance in an assured way for your ATV, watercraft, motorcycle, and snowmobile.
If you would like to know about Powersports GAP Protection Program, you should contact a credible and esteemed dealer of Powersports vehicles. You should make a list of all the questions you have and ask the professionals there about them.
Good companies will have the provision for phone and emails as well, so you do not have to travel to the dealership physically to get the answers to your questions. However, like everything else, never rush through the process. You should read the Powersports Gap 150 Total Loss Protection terms and conditions before you sign the agreement.