GAP Plus Coverage
Accidents happen. And if your car is ever totaled or stolen, GAP will protect your finances.
What is it?
Guaranteed Asset Protection (GAP) Plus lives up to its name. If your car is totaled or stolen, but you still owe more than the insurance will pay for the total value, GAP will pay you the difference. This low-cost protection is available with most auto loans from Money One.
What are the Benefits?
- Protection if vehicle is totaled or stolen
- Pays difference between what insurance covers and what you still owe
- Low-cost protection can be rolled into loan
- Will also cover insurance deductible up to $1,000
- May provide additional $1,000 toward purchase of a replacement vehicle*
- Auto Deductible Reimbursement (for cars not totalled during an accident)
- Available on new and used automobiles
*The vehicle must be financed with Money One and the funds applied toward down payment.
Here’s an example of how GAP insurance could work for you if your vehicle is totaled or stolen after only 1 year.
- Loan balance after one year: $15,000
- Value of car after one year: $10,000
- Insurance settlement: $10,000
- Deficiency balance: $5,000
- GAP pays: $5,000
- You owe: $0
Without GAP coverage you’d be liable for the $5,000 balance. But with GAP, you pay $0.
GET IN TOUCH
We look forward to speaking with you about Gap Plus Coverage!