Guaranteed Asset Protection (GAP)
Understanding GAP Coverage
- Minimizes the financial obligation in the event of a total loss
- Helps cover the difference between the vehicle value and the amount owed
- Takes effect immediately
Consider this scenario:
You finance $35,000 to purchase a Volvo vehicle. Seven months later, you get into an accident that totals your car. Here’s what you could be facing:
After an accident, there may be portions of the finance contract balance. Without GAP insurance, you could be financially responsible for this remainder. In this scenario, however, the entire difference is covered by GAP. See your GAP Agreement for details.
Benefits
- Provides coverage up to $50,000*
- Covers primary insurance deductible up to $1,000 where allowable by state law