Learn More About GAP (Guaranteed Asset Protection) Waivers

What does GAP cover?

GAP protects you from a big financial hit when you can least afford it. If your vehicle is stolen or totaled, you’ll still owe your lender the full amount they lent you, but chances are your insurance company will only pay you the current value of the car. You’re on the hook for the gap in between. GAP waivers cover that difference, which can add up to thousands of dollars.

Is GAP available for used cars?

Yes, GAP is available for used cars.

If I'm late on my loan payments, how will that affect my GAP waiver?

GAP doesn’t cover late payments before your car was lost or stolen, so you’re still responsible for those. However, GAP should cover the difference between the value of your car and what you owe on your loan, which could save you thousands of dollars.

When should I file a GAP claim?

We’re sorry to hear that you might need to access your GAP coverage. In general, it’s best to file a claim right away, within the first few days at the latest. The contact information for your provider can be found on your policy paperwork.

Can I cancel my GAP policy at any time?

Yes, you can cancel your GAP waiver at any time, and you may be entitled to a partial refund. You need to contact your GAP administrator to discuss your options. Keep in mind that if you paid for your GAP waiver with your loan, the refund may go directly to your lender.

If I sell my car, is my GAP waiver transferable to the new owner?

No. Because your GAP waiver covers your loan, when you pay off the loan, your GAP coverage ends. You may be entitled to a partial refund – check out your old policy for more details.

If I’m refinancing and I already have a GAP waiver, do I need to buy a new one?

Yes. Because your GAP waiver covers your loan, when you pay off your old loan, your GAP coverage ends. You may be entitled to a partial refund – check out your old policy for more details.