Products - GAP
Classic GAP SM coverage is available for new or used Cars, Trucks, SUV’s, RV’s, PowerSports and Watercraft. Classic GAP SM is offered to consumers nationwide and is approved by all major lenders.
Essentially, Classic GAP SM provides consumers - whether they buy or lease - the difference between the unpaid net loan or lease balance and the actual cash value of the vehicle, if and when there is a total loss, plus the deductible of their insurance policy
In the event of a total loss due to theft, collision, fire or flood, Classic GAP SM will eliminate the customer’s financial GAP between the primary insurance company’s settlement and the customer’s loan payoff
| Customer’s loan payoff: | $16,000 |
| Customer vehicle’s actual cash value: | $13,000 |
| The First GAP: | $3,000 |
| Customer’s deductible | $500 |
| The Second GAP: | $500 |
| Customer’s Insurance settlement: | $12,500 |
| The Total GAP: | $3,500 |
| Classic GAP Pays: | $3,500 |
In addition to our standard Classic GAP SM we offer the following GAP Products:
- Classic GAP SM approved by all major brands
- Classic GAP SM for Recreational Vehicles (including type A,B,C, 5th wheel, slide-in, travel trailer and pop-up camper)
- Classic GAP SM Advantage offers the customer a Replacement Vehicle Benefit*
- Classic Independent GAP SM meets the needs of Independent dealers
- Classic Simple GAP SM offers alternate terms and coverage options
- Classic Marine GAP SM
- Classic PowerSports GAP SM