Automotive GAP Program Overview

If the vehicle you financed is stolen or declared a total loss, your insurance company will cover only its replacement value. Unfortunately, there could be a big difference between what your insurance company will pay and what you still owe on your loan. You will be responsible for this "gap" between your insurer's settlement and the amount you still owe your bank. Once driven from the lot, your new or used vehicle may lose up to 20% of its value. If your down payment is less than 20%, then you need gap insurance to protect your assets.

How Does GAP Insurance Work?

A gap insurance policy will eliminate you from paying the difference due the lending institution when such a loss occurs. Here is an example of how gap insurance works:

Vehicle purchased for $25,000 No down payment	$25,000		MSRP $25,000
Vehicle is declared a total loss 12 months later Loan balance is $22,000	$22,000
Auto Insurance Settlement	$17,000
Net amount you owe bank after insurance payment	$5,000
Gap insurance pays (less deductible)	$5,000		Maximum Gap payment $50,000

As most vehicles show the greatest depreciation during the first few years, your "gap" may be greater than the illustration.

For automobiles 1981 and older, please call us at (800) 347-0303 Ext. 1 for eligibility.

Program Benefits

• Gap coverage is available for new or used vehicles purchased or refinanced within the past 180 days
• Available for loans up to 84 months
• Insured by an A- (Superior) insurance company
• Protects assets against unexpected financial loss
• Coverage is fully refundable if canceled within 60 days; prorated refunds after 60 days
• Affordable coverage as $299.00 will cover you up to 84 months of financing
• Simple online application and payment using our secure payment gateway

  Call now to get an Instant Quote! (800) 347-0303 Ext. 1