GAP Protection

Guaranteed Auto Protection (GAP)

You found the car of your dreams. You got the insurance you were required to get. And then WHAM! you’re in an accident or your car is stolen.

But you’re covered, right? Not necessarily. Insurance companies often will pay only the book value of the vehicle, not what you owe on it. GAP allows you to buy a new car immediately. There’s no need to pay off your totaled or stolen car first.

This type of coverage is a must-have for any vehicle purchase, as its value drops significantly as soon as it is driven off the lot. If you don’t want to find yourself paying for a vehicle that you no longer have, GAP insurance is particularly important for those with:

• The down payment for the vehicle amounts to less than a fifth of its value.
• If your vehicle finance period is long - more than 36 months.
• If the vehicle you have purchased is an expensive one, as expensive cars endure a greater loss of market value once they are driven out of the showroom and are also more attractive to car thieves.

Auto Deductible Reimbursement

We also offer Auto Deductible Reimbursement (ADR) as an addition to our GAP insurance.  This coverage adds a layer of protection to the individual where GAP provides coverage to a specific piece of collateral.

If a deductible expense is incurred on your auto policy, this coverage will:

• Reimburse the Primary Borrower on the loan up to $500 per occurrence
• Coverage is effective upon date of enrollment and will continue for three (3) years.

How To File An ADR Claim

Call the Claims Administrator at 800.711.4280 to request a claim form.  You must report the claim within ninety (90) days of the loss or as soon as reasonably possible.