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What is Guaranteed Asset Protection (GAP)?

GAP is an optional product that covers the “gap” between the amount owed on the loan and the vehicle’s value in the event of a total loss. Some exclusions apply so it is important to review the coverage details to understand the limitations to GAP coverage.

Example
Your vehicle was in an accident and deemed a total loss. Your insurance company determines that the fair market value of the vehicle is $10,000, so that is what they paid out. The remaining loan balance on the vehicle is $13,000. After insurance, you still owe $3,000. If you have GAP, the remaining $3,000 may be covered.

GAP is an optional product that covers the “gap” between the amount owed on the loan and the vehicle’s value in the event of a total loss. Some exclusions apply so it is important to review the coverage details to understand the limitations to GAP coverage.

Example
Your vehicle was in an accident and deemed a total loss. Your insurance company determines that the fair market value of the vehicle is $10,000, so that is what they paid out. The remaining loan balance on the vehicle is $13,000. After insurance, you still owe $3,000. If you have GAP, the remaining $3,000 may be covered.

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