It is legally required that motorcycle operators in Las Vegas, NV carry insurance, and the state has set forth certain mandatory limits that will protect other drivers who are injured in an accident that is determined to be your fault. In addition, your insurance policy must cover a certain amount of damage that you cause, but this will not keep you from incurring a monetary loss for your own vehicle. There are additional insurances you can purchase to this effect, and GAP insurance is one of them.
The Importance of GAP Coverage
GAP insurance stands for Guaranteed Auto Protection, and it can prevent you from owing thousands of dollars in the event of an accident. Your assets can be at risk when your bike is totaled, and its worth is less than the balanced owed to the bank. This is especially the case if your motorcycle is newer, as its initial depreciation can be quite significant.
Your primary motorcycle insurance policy can cover the cash value of the bike, and your GAP insurance will work concurrently with this to pay the entire balance that is due to your lender. In addition, some policies will also cover your deductible, thus keeping your out-of-pocket expenses to a minimum. GAP insurance is strongly recommended for new motorcycles and for loans with low down payments or terms of 60 months or more.
Stevens Insurance Can Help Insure Your Motorcycle
Stevens Insurance has years of valuable experience serving those who are located in and around the Las Vegas, NV area, and we are able to assist you with all your motorcycle insurance needs. You can visit our website to use our convenient rating tool to find a quick quote on your homeowners and automobile insurance, and you can speak to a friendly agent today to find the insurance package that is right for you!