If you’re contemplating making a new Powersports vehicle purchase, you’ve likely thought about getting GAP 150 for your motorcycle, boat, ATV, or any other Powersports vehicle on the market. It’s not a bad idea, either, because you want to be fully protected in your investment.
To put it simply, GAP insurance will help protect a motorcycle or Powersports vehicle driver/purchaser if said Powersports vehicle becomes totaled or stolen — and, most importantly, if you still owe more than your Powersports vehicle is worth to your lien-holder.
Below, Torque Group goes over a few crucial things to know about GAP coverage.
1.) Only Keep Coverage As Long As You Need It
We’ll start this list off with a pro-tip: Make sure you only have GAP insurance as long as it is necessary, which means you’ll have to do a little math and figure it out for yourself. Most GAP insurance plans are only necessary on a new car for 3-5 years.
2.) GAP Insurance Will Not Transfer Over to Your Next Car
If you purchase GAP insurance for your new vehicle and decide to upgrade one to a few years down the road, your GAP insurance does not transfer over. You’ll have to purchase a new plan for your new Powersports vehicle.
3.) Not All GAP Insurance Providers Are Created Equal
You’ll want to shop around to find the best GAP insurance plan for you and your new Powersports purchase. Plan offerings and details can vary widely from provider to provider, so it’s important to make a note of what each prospective provider gives you for your investment. Make sure you check out the reputation of your GAP insurance provider to ensure you’re starting a relationship with a quality provider.
Statistically speaking, most total losses occur within the first 6 months of ownership of a vehicle, making GAP protection an important security measure for protecting yourself against loss. Torque Group GAP coverage protects your credit and will help you significantly decrease your chances of having to make payments on a vehicle you’ve suffered a total loss with.
GAP 150 Customer Benefits
GAP 150 pays the difference between NADA Retail Value or the Insurance settlement (whichever is greater) of the vehicle at the time of the total loss and the remaining loan balance. GAP 150 helps you avoid paying on a vehicle you no longer have while paying up to $1000 of the customer insurance deductible. GAP 150 is also the highest coverage of GAP available on the market. Coverage can begin immediately and is easily-cancellable. Contact Torque Group today to learn more about GAP 150 and how we help Powersports dealerships across the country equip riders with awesome coverage for Powersports purchases.
