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GAP insurance paperwork.

What is GAP? It’s Peace of Mind!

Posted at Thu, Feb 10, 2022 8:00 AM

The next time you purchase a new or pre-owned vehicle, consider the value of GAP Insurance as it relates to your personal peace of mind.

GAP or Guaranteed Asset Protection is designed to protect our customers from remaining debt in the event of a total loss on their vehicle.

This insurance covers all or a portion of the balance due on the finance or lease contract that is NOT covered by the vehicle's value prior to loss.

When one of our Planet Ford Dallas Business Managers presents the product to you, take a moment to consider if this is something that would give you peace of mind in your own personal situation.

Here is an example:

  • Vehicle Payoff as of Date of Loss: $26,000
  • Vehicle Actual Cash Value: $20,250
  • Cancellable Protection Policy: $2,250
  • GAP Benefits: $3,500

Sometimes, accidents occur, or a vehicle is stolen and not recovered. The customer may experience a total loss on their vehicle in either situation.

In the event this happens, an insurance company will only pay for the current market value of the vehicle. But, the current market value may be less than what you owe on the lease or vehicle loan. This means after the insurance company pays a settlement, there may still be a balance on the lease or loan. Our GAP* product helps cover the difference – or gap – between what is owned and what the vehicle is worth in today's market.

*The amount of coverage provided by GAP is determined by the original amount financed, the term of the contract, and the other Terms and conditions of your GAP agreement. See agreement for actual coverage, terms, conditions, exclusions, and limitations.

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