Guaranteed Asset Protection, or GAP coverage, protects a buyer or lessee in the case of total loss. Simply put, it helps bridge the gap between how much is owed for the vehicle and how much the car is worth if it is totaled or stolen.
Accidents happen, and it’s important to consider that if you have a total loss of your vehicle, your primary insurer’s settlement payment amount may not cover the amount you owe. If you are concerned about possibly not having enough money on your own to pay that “gap” amount to the lender, you should consider the purchase of GAP.
5 янв 2021
