Guaranteed Auto Protection (GAP) GAP helps you cover the “gap” between the amount provided by your auto insurance if your vehicle is declared a total loss due to accident, theft, or other covered incidents and what remains owing to your auto lender. Adding GAP will protect you from out-of-pocket costs when you faced with a total loss.
Why you should get GAP
Your current auto insurance may not be enough if your vehicle is declared a total loss. Often times, the primary auto insurance settlement is based on the market value of the vehicle at the time of the declaration of the total loss, which could be less than the balance still owed on your finance or lease contract.
GAP waives or pays the balance (minus certain fees and charges) between the amount still owed on your finance or lease contract and your auto insurance settlement.
Total Loss Protection
If your car is declared a total loss through theft or accidental damage and you still owe more on your finance or lease contract, GAP may reduce or even eliminate your remaining balance.
Deductible Coverage
GAP coverage may cover a portion of your auto insurance deductible.
Disclaimer:
You are not required to purchase a GAP Waiver. You may choose to purchase a GAP Waiver directly from the dealership. Cost, coverage, and terms may vary by provider.
The cost of GAP shown represents the maximum amount the lender is willing to finance based on the information provided. Actual loan amounts may vary depending on credit approval, vehicle selection, and other qualifying factors. Additional fees, taxes, or down payment requirements may apply.