Why do you need Guaranteed Asset Protection (GAP)?

If your vehicle is stolen or totaled in an accident, most insurance companies will only pay its cash value. If you’re still making payments on your vehicle and the current balance of your loan is above your vehicle’s cash value, you’re liable for the difference. That can amount to thousands of dollars.

GAP protection can waive all or a part of your remaining loan balance. In some states, GAP can even cover a portion of your deductible as well! This is subject to some limitations and exclusions, including a maximum loan to value ratio. Your loan to value ratio is the original amount you financed for your loan compared to the value of your vehicle at the time of your loan. GAP will only waive the part of your remaining loan balance below the maximum loan to value ratio.

And as a value-added benefit, when you purchase GAP it comes with the Auto Advantage Program. This program will reimburse your auto deductible up to $500 per loss and allows for unlimited number of losses per year for the next 3 years on any car you own and insure.* 

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*Auto deductible reimbursement pays up to five hundred dollars ($500) per loss (unlimited losses per year) when a loss is file and paid by the auto insurance company for a covered automobile the member owns or leases evidenced by the title, registration or loan document AND insured under an auto insurance policy designating the member as named insured. Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the auto insurance policy deductible for the covered auto. Coverage is effective upon date of enrollment and will continue for three (3) years. For additional details contact a representative or call 859.264.4200. For full disclosures and details click here