GAP Advantage
Why consider GAP Advantage?
Accidents happen. But if your vehicle is totaled, your insurance settlement may not be enough to pay off your loan. That’s where GAP Advantage (Guaranteed Asset Protection) comes in. It may help cover the difference between what your insurance pays and what you still owe, so you can avoid unexpected out-of-pocket costs.GAP Advantage: 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 New York or Alaska.
Save Money
Help reduce unexpected out-of-pocket costs after a total loss.GAP Advantage: 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 New York or Alaska.
Affordable
Adding GAP insurance is usually just a few dollars a month.
Peace of Mind
Enjoy added peace of mind with financial protection.GAP Advantage: 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 New York or Alaska.
How GAP Advantage Works
Here’s an example of how GAP Advantage may help if your vehicle is totaled.
1. You Still Owe
$30,000
Your remaining auto loan balance.
2. Insurance Pays
$25,000
Your vehicle’s actual cash value after a covered total loss.
3. GAP Advantage May Help
$5,000
Subject to the terms of your coverage, GAP Advantage may help cover the remaining eligible balance.GAP Advantage: 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 New York or Alaska.
Frequently Asked Questions
How does GAP Advantage work?
If your vehicle is totaled, your insurance settlement may be less than the amount you still owe on your loan. GAP Advantage may help cover the remaining eligible balance, subject to the terms, limitations and exclusions of your agreement.GAP Advantage: 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 New York or Alaska.
What types of losses may be covered?
GAP Advantage may provide coverage when an eligible vehicle is declared a total loss. Coverage is subject to the terms and exclusions of your GAP agreement, so be sure to review it for complete details.GAP Advantage: 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 New York or Alaska.
Does GAP Advantage cover my insurance deductible?
GAP Advantage may cover up to $1,000 of your deductible when a remaining deficiency balance exists after your primary insurance settlement. The deductible benefit is applied toward the deficiency balance and is not paid directly to you.GAP Advantage: 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 New York or Alaska.
Is GAP Advantage available for leased vehicles?
Yes, GAP Advantage is available for leased vehicles.
Is GAP Advantage worth it?
It may be worth considering if you owe more on your vehicle than it is currently worth, made a smaller down payment or financed your vehicle over a longer term. It can provide added protection if your insurance settlement isn’t enough to pay off your loan.
What vehicles are eligible?
GAP Advantage is available for many eligible vehicles, including automobiles, boats, motorcycles, ATVs, RVs and more. Contact us to determine whether your vehicle qualifies.