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How Does GAP Work? 

When your primary auto policy settles a total loss claim based on your vehicle's current value, it is not uncommon for the current value of a vehicle to fall short of the remaining loan balance.

This is where GAP steps in, waiving the difference between your primary insurance settlement and your outstanding loan balance, though some limitations and exclusions apply. Below is an illustration of how GAP Waiver claims settlements are calculated:

With GAP

This table is an example of insurance payments with GAP.
Your loan balance at the time of loss $15,000
Primary insurance vehicle valuation $11,000
Primary insurance settlement payment $10,000
Deductible paid by insurance policy holder $1,000
Remaining balance of loan $4,000
GAP settlement payment to loan balance $4,000

Additional Out-of-Pocket Expense

$0

 

To learn more about GAP, call us at 800-727-3328.

Without GAP

This table is an example of insurance payments without GAP.
Loan balance at the time of loss $15,000
Primary insurance vehicle valuation $11,000
Primary insurance settlement payment $10,000
Deductible paid by insurance policy holder $1,000
Remaining balance of loan $4,000
   

Additional Out-of-Pocket Expense

$4,000

FAQ

Guaranteed Asset Protection (GAP) is a valuable safeguard for your vehicle. If your car is totaled or stolen and not recovered, your insurance might not cover the entire loan or lease balance, creating a financial gap. GAP steps in to waive some or all of the remaining balance, easing your burden.

You can finance GAP with your loan or make a one-time upfront payment, depending on your preference.

Yes! If you would like to add Broadview's GAP after the completion of the loan event, you can contact us at 800-727-3328 to completely the purchase.

When refinancing, it's wise to consider a new GAP Waiver to ensure your new loan is adequately protected.

If you already have GAP coverage and you make changes to your loan that increase the balance, slow down the rate at which the loan is paid off, or extend the loan term, it's a good idea to purchase a new GAP Waiver to ensure you have the most comprehensive protection in place. Your financial security is our priority.

Broadview's GAP program does not have any Loan-to-Value limitations.

Rates

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