Guaranteed Asset Protection (GAP) Insurance
Quick Facts About GAP Insurance
- Gap fee fully refundable within 90 days of purchase
- Protects you in the event of a total loss or stolen/unrecovered vehicle
The Critical Gap
Insurance Settlement vs. Loan Balance
Most cars depreciate by thousands of dollars as soon as they are purchased and continue to depreciate well into your loan term. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total insurance loss, you are still liable to pay the difference, or the “gap,” between your insurance company’s settlement and your outstanding loan balance. What does this mean? It means that you will still be making monthly payments on a vehicle that you no longer have.
Signing Up is Fast and Easy
You can sign up for GAP insurance when you apply for your vehicle loan. There’s no underwriting, no red tape, no hassles. And for your convenience, the one-time, low-cost fee can be rolled into your monthly loan payment, or you can pay by cash or check. If you change your mind, your GAP Insurance fee is fully refundable if you cancel coverage within the first 90 days. It’s an easy way to protect your family, your car and your credit rating. Guaranteed Asset Protection (GAP) could save you thousands of dollars.
For more details and pricing, please contact our Loan Department, stop by our branch or simply give us a call at (530) 895-1947 ext. 216 or 221.