When you buy a new motorcycle and begin to use it, it starts to depreciate, and while it doesn’t depreciate as fast as a car, it does nonetheless. Many people take out finance for their motorcycle purchase and this is an excellent decision, but what happens when your motorcycle starts to lose its value to the point, that the loan that you have exceeds this price. In the event of an accident, or your motorcycle gets stolen, the value paid out by your insurance company may be much less than the money that you owe on the loan. This is not a situation that you want to find yourself in, and so you need to take additional steps when you’re signing your finance agreement, in order to add on some additional protection.
This is where Gap insurance from Wheels Motorcycles becomes invaluable because it could make sure that you are fully covered in the event that you still owe the remainder of your loan, but someone has stolen your motorcycle. Many people think that pickup trucks are the perfect vehicle for any road trip, but they seem to forget that motorcycles can get you to these places as well. Unfortunately, the more you travel, the more likely that your motorcycle may be stolen. This is something that many motorcycle owners get added on to their finance payments, and it only results in an extra few pounds every month. If you are still not sold on the idea of Gap insurance, then maybe the following benefits can help you to make up your mind.
- It covers the financial gap – This insurance will cover all new and used motorcycles up to a certain value, and it is highly recommended that you get it if the down payment on your motorcycle is less than 20%. If you are taking out finance on your motorcycle over a longer period, then this addition is also an excellent idea. You might also want to add it if you are considering changing your motorcycle in a couple of years to a new model. It is very likely that you want to roll your first loan into the new one, and so this provides you with much needed protection.
- The payments are flexible – When you first buy your motorcycle and you decide to purchase it with finance, then you can add your Gap insurance payments into the motorcycle loan. You will of course have your vehicle insurance to protect you as well. This means that you get to make the payments monthly rather than all at once, and so it only adds a few extra pounds to your payments every month. You only need to have this insurance for the life of your motorcycle loan, and so payments stop the moment that everything is paid in full.
- It provides peace of mind – Knowing that in the worst-case scenario, that you are covered for any payments that are owed on your motorcycle, gives you essential peace of mind that every motorcycle owner should have. Nobody knows what lies ahead, and there is a possibility that you could lose your job.
It just makes sense to add Gap insurance onto your finance payments, because it only adds on a little bit more money that you won’t miss every month, but in the event that your motorcycle is stolen, or if you lose your job and you are unable to make your payments, then you will be glad that you decided to add it.