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Is a Motorcycle Protection Plan Worth It?

Education | 09/02/2022 22:00

Riding a motorcycle is tons of fun, but paying to fix it? Not so much. Enter motorcycle protection plans, which can help you pay for costly repairs and give you some peace of mind. While some people swear by protection plans, others avoid them like the plague. So how do you know if it’s worth it to get a motorcycle protection plan? 

Here’s everything you need to know about motorcycle protection plans and how you can decide if getting one is worth it.

What is a motorcycle protection plan?

When you purchase a new motorcycle it will most likely come with a manufacturer’s warranty. These warranties are guarantees from the company that if something should go wrong with their product they will pay for a repair or replacement. Companies will typically cover mechanical and electrical components that are faulty through no fault of your own. These components can include:

  • Engine

  • Gearbox

  • Electrical system

  • Shaft Drive Unit

Warranties cover most failures that aren’t a result of wear and tear. They will not cover things that naturally wear and need to be replaced, such as brake pads. Motorcycle warranty coverage will vary drastically from policy to policy, so it’s important to read the fine print and know exactly what is covered.

Motorcycle protection plans are different from motorcycle warranties. Protection plans are purchased separately and can work as coverage on top of your warranty or can take over when your manufacturer’s warranty expires. Just like manufacturer warranties, motorcycle protection plans vary a great deal in what they cover.

While car warranties typically last 3 years or 36,000 miles, motorcycle warranties are often much shorter in duration, usually only lasting one year. This is one reason a motorcycle protection plan is a good idea–it can give you protection for much longer. 

What are the pros of getting a motorcycle protection plan?

While a motorcycle protection plan may not be worth it for everyone, it can be worth it for some people. A motorcycle protection plan might be worth it if any of the following apply to you.

You aren’t comfortable working on your own bike.

Older motorcycles are pretty straightforward to fix. Working on your motorcycle used to be part of the culture of owning a bike, but that has shifted a bit in the past few years. Nowadays bikes are much more sophisticated and high tech, so when something goes wrong they can be much more complicated to repair. Even diagnosing a problem can mean a trip to the bike shop. But if you have a repair plan, you can get a diagnosis and repair at no cost to you.

You plan to put a lot of miles on your bike.

The more you ride, the more likely it is that your bike will need some serious repairs down the road. So if you take long rides on your bike and rack up the miles, a plan might be worth it. If your bike is used and already has a lot of miles on it, a protection plan is also a good idea.

It can save you money.

If you cannot work on your motorcycle yourself for one reason or another, you will need to take your bike in every time you have an issue. This can add up to a lot of money after a few repairs. Most shops charge $75-$100 per hour of labor, depending on where you live and what type of bike you have. This rate can quickly increase to $125-$150 per hour if you have a more rare or expensive bike. Extended warranties will cover these repairs for you, saving you money and hassle.

You have a bike that is high maintenance and tends to have issues.

The more high performance a bike is, the more you can expect to pay on repairs. Specialty labor tends to be more expensive as well as the specialty parts they require. An extended warranty can help you prepare for these costly repairs.

You don’t have a lot saved up for emergencies.

An emergency fund is a necessary part of any budget.  After all, emergencies are unexpected and leave you little time for creative problem solving, so we highly recommend that everyone prioritize getting a solid emergency fund up and running.

But if your fund was recently sucked dry, a major repair on your bike could really set you back financially and cause a big problem for you. Instead, you can add on a small monthly payment that can cover the unexpected and give you a lot more peace of mind.

There are other perks.

Depending on the details of your motorcycle protection plan, there may be other perks. For example, when you get a motorcycle protection plan through Auto Approve as part of a motorcycle refinance, the following perks are available to you:

  • Courtesy towing. Towing costs are an added expense that no one wants to pay. But Auto Approve will cover this under your protection plan.

  • 24/7 roadside assistance. If you break down, help is just one phone call away. 

  • Rental car reimbursement. If your bike is your main ride, a breakdown can really cramp your style. You can easily get stuck with hundreds of dollars in rental car costs. But with Auto Approve these costs are reimbursed to you up to $50 per day.

In addition to those perks, a protection plan with Auto Approve will cover repairs with any ASE-certified mechanic. This way you know that the repairs are done the right way. Auto Approve also allows you to build your protection plan into your financing so everything is in one low payment. This makes it convenient as well as affordable.

What are the cons of getting a motorcycle protection plan?

While a protection plan will absolutely make sense for a lot of riders out there, it will not make sense for everyone. Here are some of the cons of motorcycle protection plans.

There’s a chance you won’t get your money’s worth.

With any extended warranty you run the risk of not getting your money’s worth. While you don’t want something to go wrong with your bike, you certainly want to feel like any money you are paying towards your protection plan is saving you from more costly repairs. This is a valid concern, but in general it’s better to be prepared for the unexpected rather than get blindsided with a costly repair bill.

It can be a commitment.

Most protection plans will ask you to commit for a few years. And while some protection plans are transferable, not all of them are. If you are unsure if you will be keeping your bike (or just don’t like the obligation of a contract) a motorcycle protection plan might not be right for you.

Is it worth it to get a motorcycle protection plan?

The value of a motorcycle protection plan will vary a lot from person to person. Maybe it sounds like a great idea to you, or maybe it seems like a waste of money. But in general if you answer yes to any of the following questions, a motorcycle protection plan might be a great idea for you.

  • Does your motorcycle have a reputation of needing significant repairs?

  • Do you not have the time or inclination to work on your motorcycle yourself?

  • Have you voided the warranty by making changes to your bike?

  • Is your bike used? Does it have high mileage?

  • Do you plan to keep your bike beyond the factory warranty expiration?

  • Do you put more than 8,000 miles per year on your bike?

If you have a motorcycle, you probably know how much time and money they can cost. A motorcycle protection plan is an easy way to prepare for the unexpected and give you a little more peace of mind.

The good news is that motorcycle protection plans aren’t that expensive. And if you bundle it with your motorcycle payments, they are even more affordable. 

Let’s face it: you are probably overpaying on your motorcycle payments every month. But if you refinance your motorcycle with Auto Approve, we can save you hundreds (if not thousands!) of dollars per year. Add a motorcycle protection plan to that and you will have lower monthly payments, added protection, and peace of mind.

That’s everything you should know about motorcycle protection plans.

Getting a motorcycle protection plan can help you save money on costly repairs and get ahead of any emergencies. And when you refinance your motorcycle loan with Auto Approve, you can bundle your protection plan with your loan so you will have just one low monthly payment. 

But you don’t need to take our word for it. With a 96% would recommend rating on LendingTree and a 4.7 out of 5 review on TrustPilot, you know our customers are happy with their results. Customers report saving hundreds–even thousands–of dollars by refinancing their loans with Auto Approve. 

So don’t wait! Get your free quote today and start saving money!


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