What is Guaranteed Asset Protection (GAP) coverage?

GAP is an optional product that covers the "gap" between the amount owed on the loan and the vehicle’s value in the event of a total loss. Some exclusions apply, so it is important to review the coverage details to understand the limitations to GAP coverage.

An Example
Your vehicle was in an accident and deemed a total loss. Your insurance company determines that the fair market value of the vehicle is $15,000, so that is what they paid out. The remaining loan balance on the vehicle is $17,000. After insurance, you still owe $2,000. If you have GAP, the remaining $2,000 may be covered.

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