If you’re a motorcycle owner, it’s to your greatest benefit to protect yourself financially by acquiring products such as Torque Group’s GAP 150 a.k.a. Guaranteed Asset Protection. This is because motorcycle theft is on the rise.

Most significant increase in motorcycle thefts in 5 years

According to a recent report by nonprofit organization National Insurance Crime Bureau (NICB), the US in 2020 saw the highest number of motorcycle thefts in 5 years at 53,111 thefts. This is an alarming statistic; especially given the fact the years prior saw a steady decline in motorcycle thefts.

To put things into perspective, we’ve listed the total thefts per year between 2016 and 2020 below:

  • 2016: 46,467 thefts
  • 2017: 44,268 thefts
  • 2018: 41,674 thefts
  • 2019: 40,380 thefts
  • 2020: 53,111 thefts

Of the 53,111 motorcycles stolen, only 22,403 were recovered—a recovery rate of 42 percent.

It is to be noted that 2020’s 53,111 thefts is a 30% increase from 2019’s 40,380 thefts. NICB president and CEO David Glawe stated that the global COVID-19 pandemic “certainly played a significant role with skyrocketing crime during the year.”

Certain motorcycle manufacturers were more frequently targeted for theft than others. The top 3 manufacturers of motorcycles stolen include:

  • Honda: 11,030 thefts
  • Yamaha: 8,261 thefts
  • Kawasaki: 6,340 thefts

The 3 states with the most cases of motorcycle theft in 2020 were:

  • California: 9,483 thefts
  • Texas: 4,448 thefts
  • Florida: 4,223 thefts

Most thefts occurred in August and July with 6,214 and 5,855 thefts respectively.

The NICB provided tips on how to prevent motorcycle theft, including parking in brightly lit areas; locking your motorcycle’s ignition and removing the keys; investing in an alarm system; placing unique markings on your bike and photographing them for easier identification by the police; and avoiding leaving your bike alone while its engine is running.

GAP 150: Protecting Yourself from Theft

GAP 150 can help ease the financial burdens of being a victim of motorcycle theft.

To be more specific, GAP 150 pays the difference between your loan balance and the Actual Cash Value of your vehicle should your vehicle be declared a total loss due to theft. By giving you the peace of mind that you’ll receive ample aid in the event your bike gets stolen, GAP 150 is therefore able to protect you not only financially, but psychologically, as well.

If you’d like to know more about GAP 150 and Torque Group’s other Powersports Finance & Insurance products, kindly visit our products page.