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GAP: Guaranteed Auto Protection
Low Cost GAP Insurance
Vehicle coverage for just $250 through SESLOC.
Cost for RVs, Boats and other vehicles will vary.
Cost for RVs, Boats and other vehicles will vary.
Guaranteed Auto Protection (GAP) can eliminate your unpaid net loan balance if your vehicle is stolen or damaged beyond repair (totaled). GAP coverage pays any remaining loan balance your auto insurance policy or any applicable third party insurance does not cover (subject to policy limitations).
Why do I Need It? The value of your vehicle drops much faster than your loan balance. If an accident occurs and your vehicle is beyond repair, your insurance company -- even if you have full coverage -- will pay you the market value of your vehicle.
Unless you made a large down payment, you could end up paying thousands of dollars out of your own pocket at a time when you're also faced with replacing your car.
What Does GAP Cover? GAP covers the difference between the actual cash value of your vehicle (the primary insurance company settlement), including up to $1,000 of your deductible*, and the outstanding loan balance at the time of a loss, less certain deductions.
SESLOC provides low cost GAP coverage for new and used vehicles, boats and RVs. The cost can be included with your loan financing, so you pay it off over the term of your loan. GAP is not appropriate for everyone. Speak to a loan representative to determine whether this coverage makes sense for you when you finance your vehicle.
*applies in California, but not in all states.
