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Guaranteed Asset Protection Advantage, or GAP Advantage, is a voluntary, non-insurance program offered as protection on a new or used vehicle that is financed. It is a supplemental benefit that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage. GAP Advantage waives the difference between your primary insurance carrier’s settlement and the payoff of your loan.1 In other words, it protects the “gap” between your vehicle’s value and the amount you still owe in the case it is damaged beyond repair or stolen and never recovered. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle if financed or leased with the same financial institution.
Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP Advantage waives the difference between your primary insurance carrier insurance settlement and the payoff of your loan, subject to limitations and exclusions including a maximum loan-to-value limitation which may cap the benefit you receive. Included in the deficiency balance is the deductible up to $1,000.
GAP Advantage is designed for all drivers, whether you are financing or leasing a new or used vehicle. Automobiles, vans, light trucks, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, and snowmobiles may be eligible.
Coverage is fully refundable if canceled within the first 90 days
GAP covers the difference between your remaining loan balance and the actual cash value of the vehicle
GAP also covers up to $1,000 of the borrower’s deductible if there is a shortfall after the primary insurance settlement is paid
For more information on GAP, give us a call at 860-828-2790. We're happy to help.