What is GAP Insurance?
Guaranteed Asset Protection, or GAP Insurance, can be a lifesaver for any vehicle owner. It’s a way to help protect your vehicle loan. Often times primary auto insurance settlements don’t pay off your loan balance. When you buy a new or used vehicle, there’s no way to predict if it will be stolen or totaled in an accident. With GAP Insurance, you’re protecting your vehicle investment against a possible financial loss.
How Does It Work?
The fee can be included with your monthly payments or made separately by cash, check, charge or possibly electronic funds transfer. If there’s a difference between what you owe on your loan and the value of your vehicle, GAP Insurance will help pay the difference based on the terms of your member agreement. You can cancel within 90 days for a full refund.
Learn more and get GAP today, contact us at 757-886-3337 or stop by any of our convenient branch locations.