GAP Insurance
Strengthen your Auto Policy with GAP insurance.
Guaranteed Asset Protection
Available for new or used vehicle loans, GAP protection covers the difference in the balance on a car and its declared value, as determined by your primary insurance carrier. In the event that your car is damaged beyond repair, stolen, or never recovered, GAP is here to supplement that financial burden.
GAP will waive the difference between what the insurance company paid (ACV-actual cash value) and the loan amount, if the loan amount is higher.
GAP is inexpensive and filing a claim is easy.
When an accident happens, repairs can be costly and your current auto policy may not be enough.
- Enrollment is easy and coverage begins immediately.
- Coverage is offered for a variety of vehicle types, new and used.
- Up to $1,000 of your insurance deductible is covered, as part of the deficiency balance.
A GAP Insurance Example
Let’s say you’re involved in a covered accident and are found not at fault. Your car is damaged beyond repair and needs to be replaced. You still owe $15,000 on your auto loan, but your car’s ACV is only $11,000 (this is sometimes referred to as being “under water” or “upside down” on your loan). If you have gap insurance, it can help you cover the $4,000 gap between what you owe on your loan and what your car is worth, after your deductible. Not all drivers need gap insurance. But if you are leasing or making payments on a vehicle, you should find out if gap insurance is right for you.
