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GAP: Guaranteed Auto Protection
Low Cost GAP Insurance from SESLOC
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) is designed to eliminate your unpaid net loan balance in the event your vehicle is stolen or damaged beyond repair (totaled). GAP coverage pays any remaining loan balance that your primary auto insurance policy or any applicable third party insurance does not cover (subject to policy limitations).
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.
Why Is This Important? The moment you drive a vehicle off the lot the value drops -- as much as 10% or more depending on the vehicle. Your loan balance, on the other hand, descends more slowly. 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 have made a large down payment, there may be a large gap between what the insurance company pays and what you still owe on your loan. You may end up paying thousands of dollars out of your own pocket at a time when you're also faced with replacing your car. GAP coverage can step in and cover that difference.
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.
