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Home | F&I Solutions | Powersports | GAP Coverage | RpmPlus Sport GAP

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RpmPlus Sport GAP

GAP Plus helps waive what insurance doesn’t cover
If your customer's powersport vehicle is declared a total loss due to an accident, theft, or natural disaster1, their primary insurance company may only pay for the amount equal to their assessment of the market value of the vehicle at the time of the total loss, less the deductible amount. Unfortunately, there may be a significant “gap” between what the primary insurer pays and the balance they owe on their vehicle finance agreement. RpmPlus Sport Guaranteed Asset Protection (GAP) product may help protect your customer by waiving some or all of the difference.1

Benefits
  • Waives up to $25,000 of the “gap” due to a covered total loss
  • Includes coverage for your primary insurance deductible up to $5002
  • Available on vehicles with a Manufacturer’s Suggested Retail Price (MSRP)/NADA Motorcycle, Snowmobile, ATV, Personal Watercraft Appraisal Guide value of up to $60,000
  • Covers amount financed up to 120% of the vehicle’s MSRP/NADA value3
  • Covers vehicle finance agreement terms up to 84 months4

Coverage exclusions may apply5:

• Any amounts or terms exceeding the program maximum limits listed under “Benefits” or in your Addendum
• Any amounts owed on your vehicle finance agreement resulting from late fees, due date changes or from missed, delinquent, deferred or skipped payments
• Total losses resulting from dishonest, fraudulent or illegal acts (such as DUI) by customer, customer’s family member or other person acting under customer’s authority
• Vehicles used for competitive racing or for a prohibited commercial purpose, including, but not limited to, ride share services
• If the customer has refinanced the original vehicle finance agreement or the original covered vehicle
• The following deductions taken by the primary insurer: prior damage, salvage, missing items, excess towing, custom equipment and storage6

How GAP protects your customer's investment

Primary insurance assessment of vehicle market
value at time of total loss

$13,500

Primary insurance deductible2

- $500

Market Value of Vehicle less Primary Insurance Deductible

$13,000

 

 

Outstanding finance agreement balance at time of total
loss, assuming all payments were made on time


- $18,000

Potential amount owed

$5,000

Waived by GAP

$5,000

Out-of-pocket expenses with GAP

$0

 

 


1 Please refer to your Addendum for details. GAP programs vary by dealer/lender/state of purchase. Maximum eligibility limits, coverage limits and exclusions apply. Note that your customer remains responsible for past due payments, late fees, other charges on the vehicle finance agreement, and any other amounts that are not covered by the GAP product.

2 Primary insurance deductible coverage is not available in all states. See state-specific provisions in your Addendum for complete details.

3 This is a limitation on the ratio of the vehicle finance agreement amount compared to the vehicle value. No coverage will be provided for the portion of the outstanding vehicle finance agreement balance resulting from the amount financed being greater than 120% of the MSRP/NADA value of the vehicle. In the event of a total loss, the outstanding vehicle finance agreement balance will be re-amortized as if the amount financed were 120% of the MSRP/NADA value (unless state law provides otherwise).

4 This is a limitation on the vehicle finance agreement term. No coverage will be provided for the portion of the outstanding vehicle finance agreement balance resulting from the vehicle finance agreement term being greater than 84 months. In the event of a total loss, the outstanding vehicle finance agreement balance will be re-amortized as if the vehicle finance agreement term were 84 months (unless state law provides otherwise).

5 Additional exclusions may apply. Please see your Addendum for specific coverage details, including limitations and exclusions.

6 Unless state law provides otherwise.

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