Guaranteed Asset Protection
Protection in the case of a total loss.
Protection in the case of a total loss.
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.
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.
There are an average of 6 million car accidents each year.
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:
GAP Plus coverage adds the additional benefit of a $1,000 credit toward the purchase of a replacement vehicle at the selling dealer.
Note
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.