Guaranteed Auto Protection (GAP)
Gap is a program that covers the difference between the net payoff of the lease/loan contract and the amount of ACV settlement made by primary insurance after a vehicle is deemed a total loss due to physical damage or unrecovered theft.
Sample Claim Settlement
Net Lease/Loan Balance: $22,000
Primary Insurance: $18,000
GAP Settlement: $4,000
Features
- $50,000 Limit per loss.
- Coverage for entire term of the loan.
- One flat charge per vehicle.
- Premium is paid by the Borrower.
Reporting
Borrowers opt-in for coverage at the time of loan origination. The premium is added to the loan balance. The loan officer or dealer can access our easy to use online system to add the coverage.
