Here’s the situation:
My SO and I bought my motorcycle new in March. With the addition of the warranty and service plan, plus Lojack, the total we owe the bank is significantly more than what the bike is worth. It has been brought to our attention that gap insurance coverage is a good idea for people in our situation. However, I don’t really know where to buy such a thing. We’re in Arizona, if that helps, and we have Progressive providing full coverage on the bike currently.
FIRST contact the dealer or whomever you financed through. I only say this becuase when I leased my Honda I was told that the dealer provideds gap insurance on all cars financed through them. You want to see if they are already providing it.
Other then that, just contact Progressive, I’m sure they’ll be happy to add it on to your plan.
Where I am GAP can only be purchased at the time of your retail installment contract and must be listed as a line item on it. Your insurance company cannot sell it to you after the fact. I don’t know how the laws cover that in AZ.
When you are leasing, it is usually included with the fees. On a finance contract, it is optional, and should have been discussed with you at the time of purchase. Let me reiterate: this should have been discussed with you at the time of purchase! Was it never offered to you or did you decline the coverage when you contracted? If it is a major concern for you, you may have to refinance the contract and add the GAP. Contact the finance manager at the dealership and discuss your options with him/her.
It was explicitly stated when we purchased the bike that the dealership did not offer GAP coverage, and that we should look elsewhere for it.
My credit union suggested I get GAP when I financed my car through them. The company they insure through would not allow me to get GAP on my motorcycle. It may be pretty hard to find.