Did you know that if you pavement surf your motorcycle and total it, collision and liability insurance may not cover the amount you owe? This also applies to your ATV, boat or personal watercraft. Lots of people owe more than their powersports product is technically worth to an insurance company.
That’s why you need Guaranteed Asset Protection, or as you’ve probably heard it called, GAP.
This coverage protects your savings from having to pay the difference between what you owe on your ride and what it’s worth, so you won’t be stuck with a huge bill if it gets totaled or stolen. Plus, it reimburses you up $1,000 of your insurance deductible.
| For Example | |
|---|---|
| If you are financing a vehicle at its current appraised value | $10,000 |
| and the amount your insurance company pays toward your outstanding loan balance is less than what is financed at the time of loss, | $6,000 |
| You may still owe after your insurance payout: | $4,000 |
| PLUS you may no longer have a vehicle. | |
Accidents happen. When it comes to your fun ride and your money, be smart. Ask your dealership about protecting your purchase with GAP.
GAP Protection is a debt protection product that can help cover the difference between the amount your insurance pays out in the case of a total loss and the amount that you still owe on your loan. GAP Protection offered by EFG also covers up to $1,000 of your insurance deductible.
There are a few factors to consider when determining if you want to protect your investment with GAP for Powersports, such as the cost of your vehicle, the length of your loan, and your financial security.
GAP Protection is debt protection coverage and does not cover losses due to mechanical breakdowns and wear and tear.
Please see contract for full product details.
