Guaranteed Asset Protection (GAP)
Peace of mind for the road ahead.
You're buying a great car and took out a loan to help pay for it. But who pays the loan if your car is stolen and never recovered, or totaled after an accident? In most cases you could end up owing more than your insurance company will actually pay you.
Guaranteed Asset Protection covers that kind of difference. And it can save you thousands of dollars.
Official Assurant Vehicle Care video (in Spanish)
What a total loss really looks like
Say six months from now your car is in an accident. Thankfully, you are fine. But the car is a total loss.
$38,000
Loan / lease payoff
$31,000
Value of the car
− $5,000
Insurer's conditional adjustment
− $1,000
Deductible
= $25,000
Insurance payout
$13,000
Difference you could still owe
For illustration only. Because of the terms and conditions of the contract amendment, the entire outstanding balance may not be released. Your primary insurer may make a conditional adjustment based on salvage retained by the customer, unrepaired physical damage, towing, rental or storage costs.
Reliable, flexible and comprehensive total-loss protection
Reliable protection
A trusted GAP coverage provider for dealerships across the country and worldwide.
Flexible protection
A sensible way to help cover the difference between what insurance pays on a total loss and the amount you still owe.
Comprehensive protection
GAP helps cover a total loss from unrecovered theft, fire, natural disasters or accidents.
What is at risk?
Financing a car can feel like a huge risk. If something happens to your car before the loan or lease is paid off, the impact can be devastating.
GAP coverage can help cover the difference between what your insurer pays and the amount you still owe on the loan or lease. It also covers your insurance deductible up to $1,000, removing that finance charge from your next purchase. The deductible may not be covered in some states.
Certain conditions are excluded, such as normal wear and tear, freezing, mechanical or electrical failure, theft that does not result in a covered total loss, and damage arising from racing. See the Exclusions section of the contract for complete information.
Exclusions and limitations
Worth knowing before you decide. Benefits may vary if there is no primary insurance; terms and conditions may vary by state and/or lender.
- Insurance deductible — GAP may reduce a portion of your primary insurance deductible.
- Refinancing — GAP is cancelled if you refinance the original contract.
- Conditional adjustments — GAP may not include insurance conditional adjustments based on salvage retained by the customer, unrepaired physical damage, towing, rental or storage costs.
- Financing items — GAP may not include late payments, past-due charges, late fees or unearned interest.
- Loss of equity — GAP may not refund down payments or equity value.
- Add-ons — GAP may not include amounts added after the loan effective date, nor refundable portions of financed amounts such as credit life/health insurance, prepaid maintenance agreements, service contracts or similar products.
- Customer-secured financing — GAP may not apply to loans obtained from financial institutions other than the dealership where you bought or leased the car.
- Insurance — GAP does not provide insurance coverage for you or the car, such as collision, comprehensive, bodily injury, property damage or liability. You must carry physical damage insurance on your car at the time of purchase for GAP to be effective. GAP does not replace primary auto insurance.
Frequently asked questions
When can I add GAP?
GAP is an optional form of protection, available only at the time you sign the Retail Instalment Sale Contract or Lease Agreement with the dealership.
Does GAP replace my car insurance?
No. GAP does not provide insurance coverage for you or the car. You must carry physical damage insurance on your car at the time of purchase for GAP to be effective.
How much does it cost?
Ask our team for pricing and availability in your area. Price depends on the vehicle and the financing terms.
Interested in this plan?
Our team will walk you through pricing, availability and which plan fits your vehicle and your budget.
Legal information
GAP is an optional form of protection, available only at the time you sign the Retail Instalment Sale Contract or Lease Agreement with the dealership. Not available in all states.
Benefits may vary if there is no primary insurance. Terms and conditions may vary by state and/or lender. See the GAP contract amendment for specific details.
This page is a translation of the official Assurant brochure, which is published in Spanish. The Spanish brochure and the product contract govern in case of any discrepancy.
Provided and administered by
- FL
- United Service Protection, Inc.
- OK
- Assurant Service Protection, Inc.
- Other states where available
- United Service Protection Corporation
Administrator mailing address: P.O. Box 7719, The Woodlands, TX 77387 · 1-800-964-4811
AVC-GAP-DIG-S (10/23) SP · © 2023 Assurant, Inc.