Guaranteed Asset Protection (GAP)
If your vehicle is stolen or totaled, GAP coverage can help cover the difference between what your primary insurance pays and what you still owe on your loan.
This can be especially helpful if:
- You financed most or all of your vehicle purchase
- You rolled taxes, fees, or warranties into your loan
- Your loan balance is higher than your vehicle’s value
We’re happy to help you review your loan and decide if GAP coverage makes sense for your situation.
FAQs
If you have GAP coverage, the insurance will pay up to 150% of the retail value at the time of the accident and according to the J.D. Power Values guidelines.
Guaranteed Asset Protection (GAP) gives you peace-of-mind in the event your car is stolen or totaled.
GAP pays the difference between the actual cash value of your vehicle (as determined by your primary insurance company) and any unpaid loan balance. They use the J.D. Power Values guidelines and market assessments done by their own adjusters to determine what value they are willing to pay for your vehicle. When you financed your vehicle, did you put any money down? If not, you probably rolled-in taxes and perhaps an extended warranty to your loan balance. This sends the outstanding balance over the retail value of your car. This is where the “GAP” is created. The difference between what you owe and what the vehicle is worth.
We will help you run the numbers and understand the position you are in. We can assist you in deciding if it is necessary to have GAP Coverage for your circumstances.
Contact us at 303.202.5659 | 800.280.0234 or email us at support@cudenver.com.