No one wants to be left in the dark during an occurrence of misfortune. In the event of a total loss due to unrecovered theft, collision, fire or any insured peril, your vehicle asset may be worth less than the amount you owe on your loan at the time of total loss. In many cases this will leave you responsible for paying the difference. If a covered loss occurs, Saccucci Honda's GAP coverage will, in most cases, pay the difference between the actual cash value and the scheduled balance owed to the lender, net of refunds.
What Does G.A.P Stand For?
G.A.P. stands for Guaranteed Auto Protection (GAP) insurance.
Why is Buying GAP Insurance Important?
If you were to claim a total loss due to theft, a collision, or fire in a brand-new car your insurance company probably wouldn't cover the cost of the remainder of your loan. Instead, they usually only cover the cost of replacing your vehicle with one of the same value. This is where GAP insurance comes in. Gap insurance will cover the difference between your car's depreciated value and what you actually owe on your auto loan.
How Does GAP Coverage Work?
- Actual Cash Value - $12,000
- Less the Insurance Deductible -$500
- Insurance Check - $11,500
- Loan Balance Payoff - $14,600
- = GAP Benefit - $3,100
GAP Highlights
- Payable in the event of a total loss
- Covers the difference, in most cases, between the scheduled asset pay-off amount net of refunds and the asset's actual cash value
- Covers your primary insurance deductible up to $1,000
- GAP coverage reminds intact if your primary automotive insurance coverage lapses
- Protection for vehicles with a loan amount of up to $100,000 at the time of purchase
- Up to 84 months of protection available
- GAP benefit covers up to $50,000 in damage
- Coverage is available for most financed new and pre-owned vehicles
- Protects your personal credit rating
*All vehicles may not qualify for all or any of these benefits.
Still Have More Questions About Saccucci Honda's GAP Coverage?
Please contact us with any further questions about our GAP coverage offer.
