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Guaranteed Asset Protection

Guaranteed Asset Protection (GAP) provides valuable financial security in the event of a customer's vehicle being declared a total loss by helping to cover the remainder of the customer's loan or lease balance. Ensure a worry-free ownership experience by offering GAP.
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This protection is ideal for

Auto
Marine
Powersports
RV
Traffic
Motorcycle accident
Car wreck

Benefits

GAP provides financial protection when your customers need it most, without a deductible

  • Waives some or all of the financial gap following a total loss, providing coverage that goes beyond insurance payouts.
  • Reduces customers’ financial burden by covering their insurance deductible, where permitted.
  • Enhances customer loyalty and peace of mind with protection against unexpected financial challenges.
Research shows that new cars lose 20% of their value within the first year of ownership.
The average new-car loan duration in the first quarter of 2023 was 68.6 months, while used-car loans averaged 67.4 months
Some lenders offer loans that extend up to 96 months or longer.
GAP provides significant financial security in the event of a total loss, ensuring customers are protected from unexpected financial strains.
Frequently Asked Questions

Common Questions About Guaranteed Asset Protection

Whether you’re looking for more information on product features or service details, we have a range of helpful insights. If you don’t find the answer you need, please contact us directly for personalized support.

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What is Guaranteed Asset Protection (GAP) and why might it be necessary for a customer?
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Question
What is Guaranteed Asset Protection (GAP) and why might it be necessary for a customer?
Answer

In a world where unexpected events can quickly lead to a vehicle being declared a total loss, insurance payouts might not always cover the entirety of a customer’s remaining loan or lease balance. This discrepancy can sometimes amount to thousands of dollars. GAP offers financial protection by helping to cover this difference, ensuring customers don’t bear the financial burden for a vehicle they no longer own. 

How much of the financial "gap" does GAP cover?
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Question
How much of the financial "gap" does GAP cover?
Answer

The maximum “gap” amount waived varies based on the specific product agreement. Product agreements should be referred to for a full list of benefits and exclusions. 

Can GAP help with out-of-pocket costs related to primary insurance deductibles?
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Question
Can GAP help with out-of-pocket costs related to primary insurance deductibles?
Answer

Yes, GAP helps alleviate out-of-pocket expenses by covering the primary insurance deductible. However, it’s essential to note that this coverage is not available in all states. 

Are there any exclusions or limitations to be aware of with GAP?
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Question
Are there any exclusions or limitations to be aware of with GAP?
Answer

Yes, there are exclusions with GAP. The maximum “gap” amount waived and other terms might differ depending on the product agreement. This amount may cover some or all of the difference depending on the customer’s unique situation. Additionally, primary insurance deductible coverage and GAP Plus are not available in all states. The $1,000 GAP Plus benefit, when available, can only be redeemed at the selling dealer and only if a GAP waiver benefit has been approved. 

Note

  • The maximum financial “gap” amount waived and other terms and conditions will vary depending on the product agreement.
  • Primary insurance deductible coverage may not be available in all provinces and territories

Fact sources:

Limitations and exclusions apply. The Guaranteed Asset Protection (GAP) product is optional and is not necessarily insurance. Coverage may vary by product agreement and province. Please see the applicable product agreement for details of terms and conditions.