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GAP insurance is an optional, add-on car insurance coverage that helps drivers cover the “gap” between the amount owing on their car and the car’s actual cash value (ACV) in the event of a motor vehicle accident. A car’s ACV is the car’s monetary value at the time of accident, not the car’s original price. GAP Insurance Example In the event that you are involved in a covered accident, are considered not at fault and your car needs to be replaced you may be ‘underwater’ or ‘upside down’ on your loan. This means that if you owe $20,000 on your auto loan, but your ACV is $12,000, you still owe, $8,000. Because of the $8,000 owing, you are considered ‘underwater’ or ‘upside down’. As the driver and owner of the vehicle, you are responsible for paying for the $8,000, unless you have GAP insurance. With GAP insurance, you will be covered for the $8,000 owing to your auto loan. Drivers do not require gap insurance, however, it is beneficial for drivers to have. Regardless of how cautious a driver may be, anyone is subject to major car accidents. Therefore, GAP insurance is a strong asset for drivers to buy in the event of needing extra coverage What does GAP insurance cover? Evidently, the basic concept of gap insurance is easy enough to understand but, what exactly does GAP insurance cover? GAP insurance coverage/is quite versatile however, it only covers damage to your vehicle. It does not cover property or bodily injuries resulting from a motor vehicle accident. Here are a few pertinent questions about gap insurance: Does GAP insurance cover theft? Yes, GAP insurance can cover theft in the event your car is stolen and not recovered. Does GAP insurance cover deductible costs? No it does not. Even in the event of a motor vehicle accident covered by your gap insurance policy, you still have to pay your deductible. For example, if the “gap” reimbursement amount is $5,000 and your deductible is $500, your total reimbursement amount would be $4,500. Please note, we cover up to $1000 deductible. Does GAP insurance cover engine failure? No. Gap insurance is only used in the event of a total loss from a covered motor vehicle accident and not for mechanical repair needs. Does GAP insurance cover death? No. GAP insurance is only applicable to vehicle loss. Gap insurance does not cover bodily injuries, medical expenses, lost wages or funeral costs. Does GAP insurance cover negative equity? Depending on the terms and conditions of your policy, GAP Insurance may cover negative equity.
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