Powersports GAP Eases the Pain and Burden of Total Vehicle Loss
Vehicle owners know they could easily lose their car, truck, or other vehicle at any given time. Losing one’s vehicle happens for several reasons, but the most common are damage from an accident and theft. When you’re grieving the loss of your vehicle, Powersports GAP steps in to ease your burden. Here’s how…
What is Powersports GAP and how does it work?
Briefly, Powersports Guaranteed Asset Protection or GAP is coverage offered by dealerships to protect vehicle owners against financial losses should they lose their Powersports vehicle through the following:
- Theft, where it was determined that the vehicle is no longer recoverable; and
- Accident, where the vehicle was damaged beyond repair or repair costs are higher than its insured value
Now, you might think that a vehicle is determined as a total loss frees you from your loan payments to the dealership, but you’re not. This is a common misconception among new vehicle owners, which is perhaps why they dilly-dally with their decision on whether or not to secure Powersports GAP coverage. In truth, you will still need to fulfill your obligations to the dealership despite the vehicle not being in your possession anymore.
If the total loss was caused by an accident, the situation will all the more be distressing as you’ll be dealing with losing your vehicle while also reeling from your injuries from the accident. This is where Powersports GAP steps in to ease the pain and burden of losing a vehicle you haven’t even fully paid for yet.
Basically, Powersports GAP covers the difference between your loan balance and the vehicle’s actual cash value (ACV). This offers you comfort knowing you won’t also be adding financial losses to everything you’re already dealing with.
This protection offers you peace of mind as well, which in turn gives you more reason to enjoy riding the trails on your powersports vehicle, because you know no matter what happens, you’re covered.
Now, the terms of this type of protection vary from one provider to the next, or from one dealership to another, so make sure to check the details at the dealership of your choice before agreeing to purchase the total loss coverage.
Is there anything else you wish to learn about Powersports GAP? Or do you want to learn more about other F&I solutions that Torque Group offers? Please feel free to contact them for questions or inquiries. You may also call (800) 859-0590.
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