Guaranteed Auto Protection (GAP) coverage pays one hundred percent of the difference between the outstanding loan balance and the amount that the primary insurer pays in the event of a total loss.
Provided through Auto Trac System and insured by Markel Insurance, Best’s rated A. Coverage is available on all retail finance contracts, including both new and used franchised dealerships and leased vehicles.
Protection is available for up to 150 percent of the original value of the vehicle, with a single maximum vehicle value limit of $100,000 and a maximum limit of liability of $50,000. There is a maximum weight limit of 12,500 pounds, with no restriction for commercial vehicles under 12,000 pounds. There is no minimum financing price and loan terms are available up to 84 months.
GAP covers up to two delinquent payments, and the primary insurance deductible is covered up to $1,000.