Market Value Protection PLUS Insurance
Guaranteed Asset Protection – In the event that a vehicle is written off, the difference or “gap” between the Adjusted Finance Contract Balance and the Actual Cash Value of the Vehicle is paid, subject to the limitations and exclusions outlined in the certificate of insurance.
– Coverage up to $45,000
– Maximum Term is 96 months / 60 months for lease
– Coverage available for Vehicles with a selling price up to $100,000
– Up to $1,000 deductible coverage
Additional Benefits:
Market Value Protection – In the event that the Vehicle suffers physical damage resulting in a claim greater than $5,000 paid by the Underlying Primary Insurer, a benefit of $5,000 will be paid at the time the Vehicle is traded-in to the original Dealer. The maximum term of coverage for Market Value Protection is 36 months from the original date of purchase. This coverage does not apply if the Vehicle is leased.
Loyalty Credit – A $500 loyalty credit is paid when the contract holder purchases a replacement vehicle from the original dealer within 30 days of the Date of Total Loss.
Car Rental Benefit – Up to 5 days to a maximum of $50 per day to reimburse the contract holder for car rental expenses from the Date of Total Loss until delivery of a replacement Vehicle, provided that the rental car benefits under the Vehicle Insurance Policy, if any, have been exhausted.
Why Do I Need Gap?
GAP insurance provides a benefit designed to protect against the depreciation of the vehicle in the event that the vehicle is written off by the primary insurer. GAP will cover the difference, or “gap”, between the outstanding loan or lease amount and the payment of the vehicle by the insurer.
As lenders lengthen the term over which they will finance a vehicle, Guaranteed Asset Protection (GAP), becomes increasingly more important.
