Guaranteed Auto Protection
GAP Explained
A great motto exclaims, "Hope for the best, prepare for the
worst." This is the idea behind GAP. No one hopes to be in a accident that
totals their car, but cars are totaled every day and many of those involved are
unprepared. "Unprepared? Not me, I have insurance." This is true. Insurance
will likely cover you in an event of your vehicle being totaled. But your
insurance company will only pay you the fair market value or cash value of your
vehicle. In many cases you will owe your lender more than that amount. This
"gap" will end up costing you the difference between what you owe and what your
insurer pays you. Often this amount can be thousands of dollars, which
ultimately come out of your pocket. AHis (Allstate) GAP that
we offer at Ed Bozarth Chevrolet prepares you for the worst by paying this
difference up to 150% of retail. Then further reimbursing your deductible up to
$1,000. This table best illustrates the financial stability that you get with
GAP. :
HOW GAP WORKS
- Net Payoff (what you owe) $23,000
- Insurance Settlement Amount -
$20,000
- Difference Owed = $3,000
- Total GAP Coverage -
$3,000
- Your Out-of-Pocket Expense = $0
(for illustrative purposes only)
Key Reasons to Protect Yourself with GAP
- You are prepared in unfortunate case that your car is totaled
- For around 2% of the amount financed you can possibly to save yourself thousands
and give yourself peace of mind
- Covers your deductible up to $1,000
- Allows you to focus on more important things when your car is totaled such as
finding your next vehicle at your local Ed Bozarth Dealership.
Disclaimer: Guaranteed Asset Protection information is subject to change.
Allstate Insurance sets the terms of the agreements. This is a summary that
should be used as a research tool not an authoritative definition of the
product. For extensive information about Guaranteed Asset Protection please get
in contact with an Ed Bozarth Finance Manager.