Guaranteed Asset Protection (GAP)

GAP (Guaranteed Asset Protection) is a type of protection to cover the difference between the amount you owe on your vehicle and its actual cash value in the event of a total loss. This can be helpful if your car is stolen or damaged beyond repair, as standard auto insurance typically only pays the current market value of the vehicle. By having GAP coverage, you can avoid financial loss and ensure that you are not left with a remaining loan balance after an accident. It's a choice for those who want peace of mind when it comes to their vehicle investment.

For Current GAP Claims

To start or continue a GAP claim, please click the link below to go to the GAP Claim Portal.

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Why Do I Need GAP?

EXAMPLE

Loan Amount: $25,000

Term: 60 months

Loss Date: 36 months

Loan Payoff Due: $15,000

Insurance Settlement: $10,000

GAP Between Payoff and Insurance Settlement: ($5,000)

Insurance Deductible: ($500)

What You Owe: ($5,500)

GAP Protection Benefit Pays: $5,500*

*Other Terms and Conditions may reduce this benefit. See contract for details.

GAP Benefits

Covers the "GAP" between your loan balance and the car's actual value.
- If your vehicle is totaled or stolen, your standard auto insurance typically only covers the current market value (which depreciates quickly). GAP covers the difference between your car's actual value and the remaining balance on your loan or lease.

Protects against depreciation.
- Cars lose value rapidly, especially in the first few years. If your car is worth significantly less than what you owe, GAP can prevent you from being stuck paying the remaining loan balance after a total loss.

Gives you peace of mind.
- Knowing you're covered in case of an accident or theft helps reduce financial stress. Without GAP, you might have to continue paying off the loan on a car that you no longer own or drive.

Good for financing or leasing.
- If you have a high loan balance compared to the car’s value (due to a small down payment, long-term financing, or a lease), GAP is especially useful.

Affordable coverage.
- GAP is relatively inexpensive compared to the financial protection it offers.

Reduces Financial Risk.
- It minimizes the financial burden of a total loss, ensuring you’re not left with a large debt for a vehicle you can no longer use.

Features

Terms up to 84 months and up to 150% MSRP

Covers losses to a maximum of

$50,000

Protection for Vehicles valued up to

$100,000

Coverage of the vehicle's primary

insurance deductible up to $1000