GAP Coverage
Guaranteed Auto Protection (GAP)
Protection is available for up to 150 percent of the vehicle’s original value, with a maximum vehicle value limit of $125,000 and a maximum limit of liability of $50,000. There is no minimum financing price, and loan terms are available for up to 96 months. The program is available on a direct or reinsured basis to the dealership.
Provided through Auto Trac System and insured by AM Best’s A rated insurance company, coverage is available on all retail finance contracts, including both new and used vehicles for franchised and non-franchised dealerships.
Guaranteed Auto Protection Reinsurance
Reinsurance or retroceding programs are available for all products. We offer programs where the producer or dealership can become the risk taker on the underwriting profits/losses through an off-shore reinsurance company. The insurer would either cede the premium directly to the captive (minimum production requirements are in place) or work retroactively through Auto Trac System’s captive. A retroceded program sends all profits quarterly to the offshore reinsurance company.
Reinsurance and retroceding programs change the dynamic for all parties by moving the dealership into a partnership with the underwriter. It keeps the relationships in place for more extended periods. Risk takers can direct investments based on program guidelines that reflect their preferences.
Provided through Auto Trac System and insured by AM Best’s A rated insurance company.