Protective Guaranteed Asset Protection
If your financed vehicle is declared a total loss, are you prepared to write a big check to your lender? GAP (Guaranteed Asset Protection) covers the difference, in most cases, between an insurance settlement and the amount still owed on your automobile loan.
How GAP protects your investment
- Protects against financial loss if the vehicle is declared a total loss due to fire, theft, collision, etc.
- Available on both new and used vehicles
- Affordable protection for the life of the original loan contract
- Covers, in most cases, the amount of your loan that’s not covered by your current insurance policy
- Covers your primary insurance deductible up to $1,000
- GAP benefit covers up to $50,000
- 100% refund if canceled within 30 days of purchase (when no GAP Benefit has been provided – see GAP Addendum for details.)
Why Should You Consider GAP?
Guaranteed Asset Protection, available for both new and used vehicles, safeguards against financial loss if the vehicle is declared a total loss due to events like fire, theft, or collision. It provides affordable protection for the duration of the original loan contract and typically covers the remaining loan amount not included in your current insurance policy, including your primary insurance deductible (up to $1,000). The plan offers a GAP benefit of up to $50,000 and allows a 100% refund if canceled within 30 days of purchase, provided that no GAP Benefit has been utilized (see GAP Addendum for specifics).