If a vehicle is declared a total loss as a result of an automobile accident or unrecovered theft, Guaranteed Asset Protection (GAP) waives all or part of the difference between your primary insurance company’s settlement and the payoff of your loan balance, up to a certain loan to value maximum.
GAP is designed for all drivers, whether you finance a new or used vehicle. It may even cover your insurance deductible – up to $1,000 – as part of your claim settlement. And, the cost of GAP can be financed with your loan.
- The value of a new vehicle can drop by more than 20% after the first 12 months of ownership
- One motor vehicle theft is reported every 40.9 seconds in the United States
- 22% of vehicular crashes are weather-related Am I protected from day one?
1 2017 fbi.gov
2 2017 carfax.com
3 2017 fhwa.dot.gov
GAP is subject to limitations and exclusions, including a loan-to-value (LTV) maximum that may cap the benefit you receive.
