What is GAP?

In the event of a total loss, GAP Protection pays the difference (The Gap) between the customer’s loan balance at the time of the incident and the amount paid by the insurance company. Most insurance policies only pay the market value (NADA) or accepted cash value (ACV) of the vehicle/vessel. This amount is often less than the custom a lister’s loan balance. GAP Protection makes sure the customer can pay off the full amount of the loan balance. For customers who do not have regular P&C insurance, GAP Protection will pay the difference between what they owe on their loan and ACV based on NADA retail value. Certain rules and limits may affect the final GAP claim amount. Please see the contract for of conditions, rules, and regulations.