If your vehicle is totaled how are you going to pay off your loan?
HOW GAP PROTECTS YOUR INVESTMENT:
Protects against financial loss if the vehicle is declared a total loss due to fire, theft, collision, etc.
Affordable protection for the life of the original loan contract
Covers your primary insurance deductible up to $1,0001
Coverage is backed by a top-rated insurance carrier
Available on both new and used vehicles
Covers, in most cases, the amount of your loan that’s not covered by your current insurance policy
GAP benefit covers up to $50,0002
100% refund if canceled within 30 days of purchase (when no GAP Benefit has been provided)
1 Payment of deductible not available in all states.
2 Less any amount of the loan-to-value that exceeds 150% at the time of purchase.
GAP PROTECTS YOU IN THE EVENT OF A TOTAL LOSS OR AN UNRECOVERABLE THEFT OF YOUR VEHICLE
In this example, your loan amount was $25,000. You currently owe $15,000 on the loan and your vehicle is totaled. The insurance company determines that your vehicle is worth $11,000, so that is what they are going to give you for your vehicle. That leaves you without a car and still owing your lender $4,000. GAP coverage would cover that $4,000 so that you can pay off your loan.
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In this example, your loan amount was $25,000. You currently owe $15,000 on the loan and your vehicle is totaled. The insurance company determines that your vehicle is worth $11,000, so that is what they are going to give you for your vehicle. That leaves you without a car and still owing your lender $4,000. GAP coverage would cover that $4,000 so that you can pay off your loan.
