No one likes to think about having their motorcycle stolen or totaled in an accident - but the fact is, it can happen. And if it does, there's something you should know:
YOUR INSURANCE COMPANY MAY ONLY REIMBURSE YOU FOR THE ACTUAL CASH VALUE OF YOUR MOTORCYCLE WHICH COULD BE SUBSTANTIALLY LESS THAN THE OUTSTANDING BALANCE ON YOUR LOAN.
This difference between what you owe on your loan and what your insurance company will pay is known as the "gap," and it's money that you'll have to pay - unless you get the Harley-Davidson® Guaranteed Asset Protection (GAP) Plus Plan. It could literally save you thousands of dollars, up to $25,000. It could even cover the cost of your insurance company's deductible, up to $1,000.
Should your motorcycle be stolen or damaged beyond repair, you'll have the comfort of knowing that your H-D GAP Plus Plan will pay the difference that remains after you get the settlement from your insurance company. With H-D GAP Plus, you'll get a $1,000 credit toward the purchase of a new motorcycle - so you can get back on the road even faster!
Adding the H-D GAP Plus Plan to your motorcycle loan is a smart move - especially if your loan term is 48 months or longer, you put less than 20% down, or you finance attached accessories.
Let's look at an example:
Let's say you owe: $20,000.
While your insurance company says the cash value of your motorcycle is: $14,000.
You're left with a "GAP" of: $6,000.
Say you also have an insurance deductible of: $500.
Your total amount owed is: $6,500.
Your H-D GAP Plus benefit is: $6,500.
You Owe $0. Plus you get $1,000 credit toward the purchase of a new motorcycle!
One of the things that we value at Oakland Harley-Davidson is making sure that you have not only the right bike but also the right protection of that investment. We believe in the products that we sell to the point where many of us have these products on our own bikes. We also understand that you and your motorcycle are unique to you. So the best way to make sure you have everything you need and nothing you don't is to come in and have a conversation with one of our Finance Experts. Set up a one-on-one appointment with us today.
*Of course that was for illustrative purposes only and assumes that all payments are made on the due date as scheduled. Information taken from HDFS Gap Plus Plan brochure.
Ready for more information on buying a motorcycle? We've compiled some of our most popular articles into The Definitive Guide to Buying a Motorcycle.