HI, Everyone I just bought my first atv. I was curious with this new purchase/loan how ever you want to look at it what kind of coverage i need, and should have. There is a loan on it yes it is new,But what kind of coverage and how much. I did purchase the gap insurance from the dealer, But they require ins. What is needed to make them happy.

Thank you
Ozzy

 

The way I understood it is just like a car, they want full replacement coverage. So if it is totaled in a wreck, fire etc. or stolen you get a depreciated amount in $$$ based on the age of the machine which hopefully covers the remaining balance of the loan. If the $$$ you get is less than what's owed that's where the GAP comes in and pays the remaining balance.

 

I don't know anything about gap insurance but full coverage is so cheap you should get it. Mine is only $91 a year from Progressive.

 

OK, Thank you all so much for the info!

Thank you
Ozzy