Powersports GAP Total Loss Protection: Assistance in Case of Loss of Vehicle
If you took out a loan to pay for your powersports vehicle, it might be safe to assume that there are two things that worry you the most: making monthly payments and losing the vehicle for one reason or another. A Powersports GAP Total Loss Protection plan is usually offered by dealerships to ease the burden of vehicle ownership. How so?
In a worst-case scenario, you lose the vehicle while you’re still paying for it. In other words, you haven’t fulfilled your loan obligations. Losing your ATV or dirt bike or other powersports vehicle doesn’t automatically release you from your loan obligations to the dealership or lender. In most cases, you still have to owe the dealership or lender the a certain amount of money.</>
This is where you’ll find Powersports GAP Total Loss Protection invaluable. Here’s how it works…
Coverage for total loss
Vehicle owners need only to know one thing about the GAP Total Loss program: It covers the difference between the loan balance and the vehicle’s actual cash value (ACV) at the time of total loss. To put it another way, owners of ATVs, motorcycles, UTVs and other powersports vehicles need not worry anymore about paying off their loan balance once their vehicle has been declared a total loss. The program will cover this, based on terms mentioned above.
What constitutes “total loss?”
A vehicle is considered a total loss if:
- It gets damaged and the repairs cost more than its insured value, or
- Damaged beyond repair
- It gets stolen and has been deemed irrecoverable
From the above, you can see that the most basic premise of the “total loss” condition of the program is that the vehicle can no longer be used by the owner. Powersports GAP Total Loss Protection eases the owner’s pain from losing their vehicle and their financial burden as well. This is why customers appreciate dealerships that offer this program; because they can see that the dealership prioritizes their customers’ ownership experience.
Contact Torque Group today for the best F&I solutions in the industry
Do you have more questions about Torque Group’s GAP Total Loss Protection program? Or do you wish to learn more about the full suite of F&I solutions that will benefit your dealership and your customers? Please feel free to call Torque Group at (800) 859-0590. You may also send a message at info@torque-group.com. We’d be glad to hear from you.
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