You rely on your vehicles to save you time; they provide the convenience and freedom to travel anywhere at any time. Unfortunately, accidents happen and vehicles breakdown.
We can help.
With one or all these vehicle protection policies, you can get back on the road faster and protect yourself from an unplanned financial loss.
Guaranteed Asset Protection (GAP) insurance helps protect you against financial loss if your vehicle is totaled or stolen. You might think, “I have auto insurance, I’m covered.” But your auto insurance coverage is based on your car’s actual cash value. Because of depreciation, this can be less than what you owe on your loan. If an accident were to happen, you might not have a vehicle to use and you would still owe a balance on your loan.
In the event of a total loss, GAP covers the difference between the borrower’s outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum 125% loan to value (LTV). Subject to limitations and exclusions, including but not limited to 125% LTV, delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. GAP may also cover up to $1,000 of the borrower’s deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. It is not paid directly to the borrower. Not available in NY or AK.
If your auto insurance company declares a covered vehicle a total loss, GAP will waive: