A Powersports vehicle is considered to be useless if it gets damaged in an accident and the repair costs are more than its insured value. The same also holds true if the vehicle is stolen and cannot be recovered. In these circumstances, owners of Powersports vehicles need sufficient insurance coverage to give them peace of mind when it comes to the protection of their cars on the road.
Powersports gap 150 total loss protection – an overview of its features
The Powersports gap 150 total loss protection pays you the difference between the loan balance and the actual cash value, known as ACV in short, of the vehicle after it is declared a total loss. This insurance coverage alleviates stress and offers you the peace of mind needed for the optimal enjoyment of your Powersports vehicle.
How does this insurance work?
Any Powersports vehicle is taken as a complete loss if the damage incurred in any accident increases its repair or salvage cost more than its insured value or is stolen or irrecoverable. Experts in the industry have observed that such total losses generally take place in the first six months of the vehicle’s ownership, and investing in adequate protection against such casualties is a prudent step.
Generally, even if you have incurred a complete loss, you need to pay the difference in the amount that you owed the Powersports dealer and the actual cash value of the vehicle when it was declared a total loss. This difference is based on the contract for retail sales installments.
The Powersports Gap Protection pays the above difference instead and assists you with the payment of the loan. The Protective Asset Protection of this program ensures that every Powersports vehicle owner feels safe with the knowledge they will not suffer financially after any accident.
Importance of the Powersports GAP insurance program in the present time
This insurance program is essential in the present times because the loan advances obtained from banks are becoming higher. In such a situation, customers find themselves getting into deeper debt when their Powersports vehicles are considered to be a complete loss.
Another reason for one to get this insurance coverage is most customers buy their Powersports vehicle and begin their loans with a negative balance. This is due to the depreciation of the value of the Powersports vehicle.
The GAP 150 Protection pays the customer the difference between the retail value of NADA as part of the settlement for insurance; whichever of these two sums is more significant for the vehicle at the time of the loss. You no longer have to pay the remaining loan balance, as it no longer exists.
This insurance coverage pays up to one thousand dollars of the insurance deductible that the customer needs to bear. Experts in the industry state that the GAP 150 is the highest GAP insurance coverage available, and it starts immediately after purchase. The customer has the option to cancel it at any time if needed.
You can contact any Powersports dealership to buy the Powersports gap 150 total loss protection; however, before purchase, ensure you read its terms and conditions carefully to understand its implications for your vehicle in the future.
