Powersports vehicles are not your usual, four-wheel fleet. These are special types of vehicles if only for the fun and adrenalin rush they provide their owners. One of the most sought-after powersports vehicles is the motorcycle. These bikes are just as great for cruising a scenic road as they are for navigating a busy, urban street, which is perhaps the reason why they are a favorite among adventure seekers.

Motorcycle theft

Perhaps because of their versatility, and of course their size, they are among the most stolen vehicles. According to a report released by the National Insurance Crime Bureau r NICB, there were approximately 41,674 motorcycles stolen in 2018; of these, the Honda bike tops the list as the most stolen brand with a reported 8,260 thefts. From the same report, the following were reported:

  • Yamaha bikes came in second as the most stolen motorcycle with 6,655 thefts
  • Suzuki bikes came in third with 4,882 thefts
  • Kawasaki motorcycles came in fourth with 4,861 thefts; and,
  • Harley-Davidson bikes cap the Top 5 list with 4,769 thefts

Although the number of stolen motorcycles slightly decreased in 2018 compared to 2017 (44,268 reported thefts), it is still quite a significant number and one that motorcycle owners shouldn’t ignore.

Motorcycle collision

Statistically, there are more car accidents in a year compared to motorcycle accidents, but this is perhaps because there are more four-wheeled vehicles on the road than there are bikes. In terms of safety, a car offers more protection compared to a motorcycle because a car has a “body” that protects the driver and passengers inside whereas a motorcycle is open and save for the helmet, no other protection is given the rider.

Not all motorcycle collisions or car crashes result in death. According to the National Highway traffic Safety Administration, only about 14% of total vehicle crashes in 2017 were from a motorcycle collision.

Guaranteed Asset Protection Program

Torque Group offers the Guaranteed Asset Protection Program (GAP 150) to owners of powersports vehicles, including motorcycles, to help ease their financial burden should a collision or theft result in total loss.

How does it work?

Basically, what the GAP 150 program does is to cover the difference between the NADA Retail Value or insurance settlement of the vehicle and the remaining loan balance. The program will pay up to $1,000 of your insurance deductible. Additionally, GAP 150 coverage begins immediately and is considered as the highest GAP coverage available to consumers today. Worried that you’ll be stuck with the GAP for life? Don’t worry; it’s totally cancellable.

Need more info? Feel free to contact Torque Group for your questions.