GAP protects against unexpected expenses
If your vehicle is stolen or totaled, your insurance will pay only its Fair Market Value; that is, how much you could have sold it for at the time of loss. This may not be enough to cover your remaining loan balance.
Guaranteed Asset Protection (GAP) coverage pays the difference between your insurance settlement and what you still owe You can buy GAP coverage for new AND used autos, trucks, boats, RVs or personal watercraft. It’s available at the time of vehicle purchase only, and the affordable premiums can be included in your loan payment. Ask about GAP when you buy your next new or used vehicle.
Guaranteed Asset Protection may not be purchased after vehicle loan is funded. Can be cancelled within first 90 days for full refund; after that, refund will be pro-rated.