When you finance a vehicle, there’s a hidden risk many buyers overlook: the possibility of owing more on your loan than your car is worth. This is where GAP Protection (Guaranteed Asset Protection) comes into play, offering financial security in the event of a total loss.
To protect your investment, you choose to add Total Loss Protection—also known as Guaranteed Asset Protection (GAP) coverage.
Today, more vehicles are being written off as total losses—whether due to fire, theft, floor, or collision—than ever before. Unfortunately, in many cases, your primary auto insurance payout isn’t enough to cover the remaining balance on your loan.
The difference between what you owe and the primary insurance payout you receive for the market value of your vehicle is often referred to as a “gap.” Total Loss Protection (GAP) is designed to reduce or eliminate this gap.
