G.A.P - What is it, how does it protect me?
GAP Protection
If you're in the market for a new motorcycle, it's essential to protect your investment. One way to do this is to purchase GAP protection. Guaranteed Asset Protection, or GAP, is an insurance policy that covers the difference between your motorcycle's value and the amount you owe on your loan or lease. Here are the benefits of purchasing GAP protection for your motorcycle.
Protection against financial loss
The primary benefit of GAP protection is protection against financial loss. If your motorcycle is stolen or totaled in an accident, your insurance company will only pay the actual cash value of the vehicle, which may be less than the amount you owe on your loan or lease. This leaves you responsible for paying the difference out of pocket. With GAP protection, you're covered for the gap between the actual cash value and the amount you owe, protecting you from a potentially significant financial loss.
Affordable coverage
GAP protection is an affordable way to protect your investment. The cost of GAP protection is typically a one-time fee added to your loan or lease payments, rather than a recurring monthly premium. This makes GAP protection an accessible option for many motorcycle owners and provides peace of mind that you're covered in the event of a total loss.
Transferable coverage
Another significant benefit of GAP protection is that it's transferable. If you sell your motorcycle before your loan or lease is paid off, the new owner can take advantage of the remaining coverage, increasing the resale value of your bike. This can be a significant selling point when you're ready to upgrade to a new motorcycle.
In conclusion, GAP protection is a smart investment for anyone purchasing a new motorcycle. It provides protection against financial loss, affordable coverage, and transferable coverage. Consider purchasing GAP protection when you finance or lease your motorcycle to protect your investment and provide peace of mind in the event of a total loss.
*Exclusions may apply