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.
How Guaranteed Asset Protection (GAP) helps protect your investment. For example, if your vehicle is declared a total loss and your vehicle finance agreement balance is $23,000 and the market value of your vehicle, less your primary insurance deductible, is $18,000, this creates a “gap” of $5,000. You would still owe the remaining balance of $5,000 on your vehicle finance agreement. The GAP product may help by waiving some or all of the remaining balance. This example is for illustrative purposes only. Actual GAP waiver benefit calculations will vary based on your specific circumstances and may not result in a GAP waiver benefit. Primary insurance deductible coverage is available up to $1,000, and may not be available in all states.
GAP helps protect your investment
When might GAP be a smart choice? If you have, financed or leased a vehicle or have put 20% or less as a down payment.
Source: USNews.com, "How to Get Out of an Upside-Down Car Loan", 2018
There are an average of 6 million car accidents each year.
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.