GAP is Total Loss Protection and then some..
The moment you drive your vehicle off the lot, it depreciates about 20% on average. You can count on roughly a 15% decline in value each year for the next four years.
If your vehicle is stolen or damaged and deemed a total loss, you are responsible to pay the difference between what you owe and what your insurance company says your vehicle is worth. The amount you owe on your vehicle and the amount its worth usually take very different roads. GAP will assist you in covering the distance between them!
GAP can help cover the difference and potentially save you thousands of dollars!
Most types of vehicles are eligible, and you can generally include GAP coverage in your vehicle loan payment. – Ask your lender for more details.