GAP Waivers

Guaranteed Asset Protection

Totaling your car without GAP protection can “total” your wallet. GAP Waivers cover the difference between the value of your totaled car and what you still owe on it, providing you with financial security and potentially saving you thousands.

Cars are expensive. It’s why most of use financing to purchase our vehicles. It’s a scary thought, but imagine totaling your expensive, precious car.

A total loss of your car is a disaster in-and-of itself, but its three consequences can also “total” your wallet. After totaling your vehicle:

  1. You have to now get another car
  2. Your insurance premiums will likely increase
  3. You still owe the bank or credit union the rest of the balance on your totaled car’s loan.

A lot of the stress associated with totaled cars is not in the accident itself; it’s in the financial burden that comes afterward. Drivers without the proper protection can end up paying two car notes while only driving one. For most, this can be an enormous financial drain. But, not to worry – RateGenius’ Guaranteed Asset Protection (GAP) Waivers can help.

What is Guaranteed Asset Protection (GAP)?

Guaranteed Asset Protection is a form of debt protection. Think of it as insurance that guarantees that you’ll be protected from the debt of your lost asset, but without the hassle of an insurance policy.

In the event of a total loss of a covered vehicle, GAP waivers “waive” the difference between the primary insurance carrier’s loss settlement and the outstanding balance under the provisions of the financial agreement, up to $50,000.

In other words, GAP waivers cover the difference between what your car is worth (the vehicle value) and what you still owe on it. Since the difference between what you owe and what your vehicle is worth can be thousands of dollars, having GAP coverage can literally save you thousands.

What makes RateGenius’ Program Unique?

  • Provides all-risk protection
  • Paid over the life of your auto refinance loan
  • Preparedness for the unexpected
  • Minimal restrictions
    • Covers vehicles valued up to $125,000 at time of purchase
    • No model year restrictions
    • No MSRP or ACV restriction
  • Protection Plus option pays $1,000 toward your insurance deductible and provides a full refund of the GAP waiver in the event that your vehicle is totaled (not available in all states)
  • Like insurance, but less expensive.

To get this essential coverage or to learn more, contact us at 866-728-3436.