Guaranteed Asset Protection
Guaranteed Asset Protection (GAP) is like an airbag for your vehicle loan. It can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out-of-pocket expenses if your vehicle is totaled.
Without GAP, you could face paying thousands of dollars out of pocket on a lost or totaled vehicle. GAP can help so that you don’t have to worry about paying for your vehicle after an accident.
GAP can either be added onto your approved loan or paid in full at any time during the life of the loan. It’s available for cars, light trucks, motorcycles, jet skis, snowmobiles and ATVs.
For just a few dollars a month, you can protect yourself against this kind of unexpected expense. The benefits may include:
- Protection for the term of your loan up to 72 months
- Coverage for vehicles valued up to $100,000 at time of purchase
- Payment of benefits up to $50,000
- Coverage deductibles up to $1,000