GUARANTEED ASSET PROTECTION

Protection in the case of a total loss.

Protection Summary

If your vehicle is ever declared a total loss due to an accident, theft, or natural disaster, your primary insurance company may only pay you for the amount equal to their assessment of the market value of your vehicle at the time of the total loss, less your deductible amount. Unfortunately, there may be a significant “gap” between what your primary insurer pays and the balance you owe on your vehicle finance agreement. The Guaranteed Asset Protection (GAP) product may help protect you by waiving some or all of the difference.

 
Source: USNews.com, "How to Get Out of an Upside-Down Car Loan", 2018
 
Source: DriverKnowledge.com, "Car Accident Statistics in the U.S.", 2016

Benefits

The GAP product may help protect you from incurring large out-of-pocket expenses by covering the “gap” between what your primary insurer pays and the balance you may owe on your vehicle finance agreement.

GAP benefits include:

  • Waives up to $50,000 of the “gap” due to a covered total loss
  • Includes coverage for your primary insurance deductible up to $1,000

GAP Plus coverage adds the additional benefit of a $1,000 credit toward the purchase of a replacement vehicle at the selling dealer.

Note

  • Maximum “gap” amount waived and other terms and conditions will vary depending on product agreement
  • Primary insurance deductible coverage is not available in all states
  • GAP Plus is not available in all states
  • The $1,000 GAP Plus benefit is only valid at your selling dealer in the form of a credit toward the purchase of a replacement vehicle and only if a GAP waiver benefit has also been approved

For These Vehicles

  • Auto
  • Motorcycle
  • RV
  • Marine

For These Buyers

  • Cash
  • Finance
  • Lease

Limitations and exclusions apply. The Guaranteed Asset Protection (GAP) product is optional and is not insurance. Coverage may vary by product agreement and state/province. Please refer to the applicable product agreement for details of terms and conditions.