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It Happened to Me: Total Loss and GAP Coverage

  • July 10, 2017
  • By Erin Palmer, Content Marketing Specialist

    Erin Palmer

    Content Marketing Specialist

    Erin Palmer is a content marketing specialist for Suncoast Credit Union. She has written articles for numerous publications and websites, including the Chicago Tribune and Huffington Post. Erin is happiest when curled up with a book, trying a new restaurant or playing with her dogs.

    We’d love to hear your thoughts about the blog! Email us and share what you think.

  • Category: SAFETY & PROTECTION
  • Car Insurance, GAP, It Happened To Me, Total Loss

One moment is all it takes.

It was a normal morning. I got ready for work, walked my dogs and started driving to the office. One moment I was happily (and poorly) singing along to the radio, the next moment there was a collision that took off the entire front of my car.

In the moments after an accident, the most important thing is the health of all involved. But even if no one is hurt, the financial side of a car accident can be very difficult.

The Dreaded Total Loss Phone Call

wrecked car with GAP protection

My poor car had a REALLY bad day!

After the accident, my nerves were shot. My hands kept shaking as I spoke to the police, called my car insurance company and got a tow truck to take my car away.

When I got home, I looked up the estimated value of my car and compared it to what I still owed. As I feared, I owed more on my car loan than the car was worth.

I felt overwhelmed trying to figure out how I could cover the difference in cost and afford to get another car. I went through a ridiculous amount of hypothetical scenarios to try to make plans for getting myself to work while all of this was figured out. Then I stress ate some cookies while talking on the phone with my mom.

When I got the dreaded phone call where I found out that my car was deemed a total loss, it took all of my willpower to not burst into tears. I was so busy trying not to cry that I almost missed the plot twist in my story… when I found out that the difference in what I owed and what the car was worth would be covered by my Guaranteed Asset Protection (GAP).

When GAP Coverage Became My BFF

During all of the stress of my accident, I had totally forgotten about my GAP coverage. Though your auto insurance may cover what your car is worth after an accident, sometimes you’ll find yourself in the same spot I did where you owe more than the replacement cost.

This is where GAP became my best friend. If I could make GAP a friendship bracelet and give it a hug, I would!

Though I still had a lot to deal with, GAP took away the huge amount of financial stress that was weighing on me. I went from feeling completely hopeless to feeling so relieved.

Even if you are on a tight budget, GAP coverage is worth it. For only a few dollars a month, I saved thousands of dollars when I needed it most. Moreover, I saved myself from the crushing feeling of stress that can accompany financial trouble.

How You Can Make GAP Your BFF

You don’t need to make friendship bracelets to make GAP your best friend. All jokes aside, if you take away anything from this post, I hope it is that GAP coverage can make a terrible situation a lot more bearable.

Depending on your plan, the coverage can help you if your vehicle is stolen, badly damaged past the point of repair or deemed a total loss.

Get more information about GAP insurance and protect yourself. Trust me, you’ll be glad you did.

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