Guaranteed Asset Protection
Guaranteed Asset Protection – How It Works
Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP waives the difference between your primary insurance carrier insurance settlement and your loan payoff.
Delinquent payments, late charges, refundable service warranty contracts and other insurance related charges are not covered by GAP, they are subtracted from the GAP settlement.
Included in the deficiency balance is the deductible up to $1,000.
Auto Deductible Reimbursement
Pays up to five hundred dollars ($500) per Loss (limit of two losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title or registration, AND insures under an Auto Insurance Policy designating the Member as the Named Insured.
Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto.
Coverage is effective upon date of enrollment and will continue for three (3) years.
If the member suffers a loss during the benefit period which is covered by the Member’s Auto Insurance Policy, the member may be entitled to reimbursement of the Auto Insurance Policy deductible amount up to five hundred dollar ($500) per loss. To be eligible for reimbursement the member must own or lease and insure the Covered Auto under an Auto Insurance Policy designating the Member as the named insured.