What is GAP Insurance?

GAP Insurance, also known as GAP Protection, cancels your debt if your vehicle is damaged beyond repair or stolen. If you're making payments on a vehicle that's stolen or damaged beyond repair, auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle's actual cash value rather than the amount remaining on your loan or lease, which could leave a financial "gap" of thousands of dollars.

GAP coverage gives you peace of mind. If your insurance company determines that your vehicle is a total loss, GAP covers any remaining balance (up to $50,000) on your loan or lease after the payment from your insurance company. Your deductible (up to $1,000) may be included in this balance. (Deductible benefit may vary by state.)

GAP pays up to $50,000 of the balance you owe on your vehicle when it is deemed a total loss by your insurance company.

 

GAP Benefits

     Cancels up to $50,000 of loan or lease balance

    Helps maintain your good credit

    Covers negative equity

    Auto insurance deductible (up to S1,000) may be included if the amount you owe on the vehicle exceeds your settlement check

    GAP is provided even if no auto insurance is in effect al time of loss (vehicle's NASA average retail value replaces insurance settlement amount in the GAP calculation)

    One time low cost makes it affordable

    Convenient because it's so/d in conjunction with the vehicle purchase

    GAP is provided for the term of your loan