GAP Insurance

You could lose more than your vehicle if it is stolen or involved in a major accident - you could lose your investment. Most insurance policies only cover the value of your vehicle - something that rapidly declines during the first few years of ownership - which means your loan or lease balance could be higher than the value of your vehicle. Guaranteed Auto Protection (GAP) covers the difference in the balance on a car and its declared value (as determined by your insurance carrier) in the event that it is damaged beyond repair or stolen and never recovered.

Here’s a scenario of how GAP Insurance could work

  • Loan balance after one year $15,000
  • Value of car after one year $10,000
  • Insurance settlement $10,000
  • Deficiency balance $ 5,000
  • GAP pays $ 5,000
  • You owe $0

Without GAP coverage, you'd be responsible for the $5,000 deficiency balance. Do the numbers to see if GAP is right for you or get a quote on GAP Insurance today.

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