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GAP Insurance

What is Guaranteed Asset Protection?

GAP is program that we offer for your new or used vehicle loan. This financial protection covers the difference in the balance on a car and its declared value, as determined by your primary insurance carrier, in the event that it is damaged beyond repair or stolen and never recovered. GAP is a supplemental coverage that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage.

Benefits of GAP Insurance:

  • GAP is inexpensive.
  • Filing a claim is quick and easy.
  • Enrollment is easy and coverage begins immediately.
  • Coverage is offered for a variety of vehicle types, new and used.
  • Up to $1,000 of your insurance deductible is covered, as part of the deficiency balance.

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How GAP Works:

GAP will waive the difference between what the insurance company paid (ACV-actual cash value) and the loan amount, if the loan amount is higher.

Insurance Settlement
Vehicle ACV  $11,000
Deductible  $500
Insurance Settlement $10,500

Loan Settlement
Outstanding Loan Balance  $15,000
Insurance Settlement $10,500
Loan Balance After Insurance Settlement  $4,500

In this example, GAP will pay $4,500 to cover the remaining loan balance deficiency.

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