Most Powersports vehicles are unaware that most of their total losses on their ATVs and UTVs generally take place within the first 6 months of ownership. When this does take place, owners are paying for a vehicle they no longer can use. This is where they need to understand the importance of Powersports GAP insurance and Powersports Total Loss Protection policies so that they do not suffer in the long run.
Seek the help of a qualified Powersports F&I broker
Ensure that your Powersports vehicle loans do not get completely written off after the vehicle gets stolen or totaled. Both the Powersports Total Loss Protection and GAP protection are different when it comes to insurance coverage; however, both of them have one goal in mind- they work to protect the customer from financial burdens. Now, the question that comes to mind is how they work, and how can consumers benefit from them?
These insurance policies are activated when the vehicle covered by insurance has been announced a total loss.
The vehicle loss generally takes place in either one of the following ways-
- Any accident on the road that results from theft
- Any road accident that leaves the vehicle in a complete wreck
In both the above cases, you cannot use the vehicle. In a Powersports vehicle, this could imply a motorcycle, UTV, or an ATV. Total loss of the vehicle is the most common financial burden that owners deal with suddenly. To alleviate that financial burden, esteemed companies specializing in Powersports F&I offer solutions in Powersports Total Loss Protection and GAP Protection to dealerships that are later extended to their customers. A trained and qualified Powersports f&I broker should be consulted for the process to understand it better.
GAP Protection will cover the difference between the Actual Cash Value or the ACV and the loan balance
This insurance policy offers protection against financial losses to the consumer and, most importantly, protects their reputation and credit. They will be delinquent with the payments for the loan.
However, note that every GAP insurance policy is not the same. One should keep the best interests of the dealership as well as the customer in mind. Dealers need to ensure and assess whether both they and the customers are protected against losses.
With professional advice from a skilled Powersports f&I broker, you can understand the terms and conditions of both these unique insurance policies for protecting your vehicle. With the help of Powersports Total Loss Protection, you can pay with cash assistance for a newreplacement vehicle and get up to four years of protection, among the other privileges that you sign up for. With both of these insurance coverages, you can safeguard yourself against unexpected financial losses when you buy a Powersports vehicle. Consulting a good broker will help you get a deeper insight into what will work the best for you regarding the current options available in the market for your needs.