GAP Advantage
Accidents happen, but what happens if your car is totaled and you owe more on your loan than the car’s depreciated value? You may not realize it, but often a standard full-coverage insurance policy isn’t always enough to cover the cost of replacing a damaged vehicle. That’s where GAP (Guaranteed Asset Protection) Advantage can help.1
Save Money
GAP insurance can save you a lot of money if your vehicle is totaled.
Affordable
Adding GAP insurance is usually just a few dollars a month.
Peace of Mind
Relax, knowing you’re covered for the cap in car value after an accident.
GAP Advantage provides $1,000 towards financing a replacement vehicle. To receive this benefit, you must experience a total loss of your vehicle. Additionally, a new loan must be made for the replacement vehicle within 90 days from the date of your primary insurance carrier’s settlement date or the date of loss if there was no primary insurance.
For example, if you owe $30,000 on your loan and your car is only worth $25,000, your GAP coverage covers the $5,000 gap (minus your deductible).
Frequently Asked Questions
How does GAP insurance work?
GAP insurance is a type of coverage that helps you cover the financial “gap” between the value of your car and the amount you owe on a loan or lease if your vehicle is totaled. In most cases, standard insurance only covers the actual value of the car, which means that if you don’t have GAP insurance, you may end up owing thousands of dollars to your lender. Having GAP insurance can provide you with financial protection and peace of mind in the event of a total loss.
What types of losses will GAP cover?
GAP insurance is a type of coverage that helps you cover the financial “gap” that may arise between the value of your vehicle and the amount you owe on a loan or lease if your car is totaled due to collision, fire, or an unrecoverable theft.2 In most cases, standard insurance only covers the actual value of the car, which means that if you don’t have GAP insurance, you may end up owing thousands of dollars to your lender. Therefore, having GAP insurance can provide you with financial protection and peace of mind in the event of a total loss.
Is GAP available on leased vehicles?
Yes, GAP is available on leased vehicles.
Is GAP insurance worth it?
GAP insurance is a wise investment if you’re financing a car with a low down payment, opting for a long-term auto loan, or leasing a vehicle. It’s an affordable way to protect yourself from the risk of a hefty expense if your car is totaled.