Help protect your customer's investment with coverage that bridges the GAP
In the event their vehicle is deemed a constructive total loss due to an accident or theft, your auto insurance policy usually covers the fair market or actual cash value of the vehicle.
The amount you customer owes their Lender may be more than their insurance settlement. This difference or gap, could cost them thousands of dollars.
Guaranteed Asset Protection (GAP) waives the difference between your customer's Primary Insurance Settlement and the outstanding balance of their vehicle on the date of loss.
| Net Payoff | $ 23,000 |
| Insurance Settlement Amount | -$20,000 |
| Difference Owed | = $3,000 |
| Total GAP Coverage | - $3,000 |
| Out-of-Pocket Expense | = $0 |
(for illustrative purposes only)
GAP is underwritten by First Colonial Insurance Company or Northbrook Indemnity Company, both wholly owned subsidiaries of Allstate.
