Fill in the GAP on your next vehicle loan! There could be a big difference between what your insurance will pay and what you owe, should the vehicle become a total loss.
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 declared 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 for a vehicle that, for all practical purposes, no longer exists.
GAP is a low-cost protection plan that pays the potentially high-cost difference between your insurance settlement and your loan balance.