Sometimes unexpected situations happen and it’s best to be financially protected when they do. Guaranteed Asset Protection (also known as GAP insurance) is a low cost solution that adds an extra layer of protection to your auto policy.
The way GAP works is simple. If your vehicle is totaled or stolen, your auto insurance will only pay the cash value at the time of the loss. If you owe more than the vehicle is worth, this could be financially devastating. GAP will pay for the difference between the loan value and what the insurer didn’t cover. This protects you from having to pay hefty out-of-pocket expenses.
How do you know if you need GAP insurance? It all depends on if you owe more on the vehicle than it is currently worth. This simple form can help you determine if you should purchase GAP. To qualify a vehicle must be a new or used auto, van, SUV or a light truck. There are no age, make or model restrictions.
GAP coverage can be added during the loan process, but you will receive the most benefit within the first 18 months. If you purchase GAP coverage and decide that it is not for you, you may be eligible for a refund within 60 days.
For a quote simply fill out this form or call 503.626.6600 or 800.452.8502. ext. 363 to speak with our insurance department.