What is Gap Coverage?
Guaranteed Auto Protection (“GAP”) covers the remaining balance on your auto loan or lease after an accident, and supplements the payout check you get from your primary insurance company.
Here’s an example:
Recently, a borrower had to pay out of pocket for $12,679 when their 2016 GMC Sierra was totaled just 6 weeks after purchasing the car, and their primary insurance didn’t pay off the loan.
Important to know: Your car insurance may only pay market value for your car if it gets totaled.
If you owe more than your car is worth, you are going to get stuck paying for a car that doesn’t exist anymore.
GAP may benefit you if:
- You placed a low down-payment (or nothing) on your car.
- You agreed to a long loan term more than 48 months.
- You do a lot of driving, as this depreciates the value of your car.
Say goodbye to deductibles!
As an added bonus when you sign up for GAP coverage, Credit Union Insurance Services automatically provides Auto Deductible Reimbursement (ADR), which can eliminate insurance deductibles when your car isn’t totaled.
Other benefits of our GAP coverage program covers:
- Up to $500 of the deductible if the car isn't totaled
- Up to 2 losses per year
- Other autos in the home titled to the person on the loan, even if they are not financed by GTE.
Most importantly, you can get GAP coverage at any time while you have a loan.
Call 813-414-6787 Ext 40433 or click for additional information on GAP coverage.
Click here to protect yourself