Changed the oil in my bike yesterday. I noticed that the plug was very tight when I removed it. I cleaned it up while the oil was draining and when I threaded it back in just as it felt like it was snugging up with just seemed to keep spinning. I got it snugged up as much as I could, and it’s not leaking oil, but it is far from being tight.

What’s the best, and most cost effective, method for repairing this without causing more damage? I’ve seen many suggestions for helicoil however they are far from cheap. Should I just have the dealer fix it or is there a cheaper alternative?