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Home | F&I Solutions | Powersports | GAP Coverage | XtraRide Powersports GAP: Guaranteed Asset Protection


XtraRide Powersports GAP Coverage

In the event of a total loss due to unrecovered theft, collision, fire or any insured peril, the powersport asset may be worth less than the amount owed on the loan at the time of total loss. In many cases this will leave your customer responsible for paying the difference. If a covered loss occurs, GAP coverage will, in most cases, pay the difference between the actual cash value and the scheduled balance owed to the lender, net of refunds, plus the insurance deductible.

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Program highlights
  • Payable in the event of a total loss
  • Covers the difference, in most cases, between the scheduled asset pay-off amount and the asset’s actual cash value net of refunds
  • Covers customer’s primary insurance deductible up to $1,0001
  • Enhanced customer satisfaction
  • Increased customer retention because you are an essential part of the GAP claim notification process
  • Maximize F&I profit potential

How GAP coverage works


Primary Insurance Coverage


Actual Cash Value at time of loss


Insurance Deductible

- $1,000

Insurance Check



GAP Coverage


Loan Balance Payoff2


Insurance Check

- $16,000

Remaining Loan Balance


GAP Coverage Benefit


Amount you owe3



Limits on benefits

Total amount financed not to exceed 150% (120% for Personal Watercraft and Sport Boats) of MSRP if new or NADA Appraisal Guide if pre-owned.
Maximum GAP benefit payment not to exceed $25,000 (please refer to the addendum/policy for specific information).

1 Payment of deductible not available in all states.
2 Payment of deductible not available in all states.For purposes of the GAP calculation, this will generally be the lesser of the scheduled payoff balance or the actual payoff balance, minus refunds, if any, due to be received for the early termination of products such as credit insurance and service contracts.
3 The GAP coverage benefit might not cancel the entire amount owed at the time of loss. If debt-to-value exceeded 150% (120% for Personal Watercraft and Sports Boats) on the GAP effective date, the GAP coverage benefit will be adjusted by subtracting the amount by which debt-to-value exceeded 125% or 150% (depending on contract).

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