What is GAP Insurance?

GAP (Guaranteed Asset Protection) is a low cost coverage that pays the potentially high cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.

Most cars depreciate by thousands of dollars as soon as they are purchased. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise determined a total loss, you are still liable to pay the difference, or the "gap" between your insurer's settlement and your loan balance. That gap will come out of your pocket to a vehicle that for all practical purposes no longer exits.

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