For many of us, our cars are like our home away from home. We can’t imagine life without a vehicle. Although it is not a problem commonly discussed, if your vehicle is declared a total loss due to an accident or theft, how can you ensure that you aren’t left responsible for the remaining balance of your car loan should this situation arise?
The answer: GAP Protection. GAP, or Guaranteed Auto Protection, gives drivers peace of mind, ensuring that they can recover quickly after the occurrence of a stressful (and often expensive) situation like car theft or an accident that leaves your vehicle totaled.
This protection plan covers the difference between the balance of your loan or lease payoff and the amount that your automobile insurance company will pay if your vehicle is stolen or declared a total loss. Why? Most drivers need to replace their vehicle quickly, but qualifying for a new loan or lease can be difficult if you have an outstanding balance on the loan or lease of your stolen or totaled vehicle. GAP Protection eliminates the trouble of out of pocket expenses, helping you to get back on your fee when a loss occurs.
Unless your car is completely paid off, GAP Protection is a great security option for you to consider, especially if:
- You leased or financed your vehicle
- You put less than 20% down
- You financed accessories and/or add-ons
- You financed negative equity
To learn more about GAP Protection and provide yourself with the peace of mind that this protection plan offers, contact PermaPlate by phone at 800-453-8470.