Did you know if you total your car, your auto insurance might not cover the amount you owe on it? And forget about having extra money to cover a down payment on another car. Lots of people owe more than what their car is worth due to higher car prices and longer loan terms.
That’s why it is financially smart to protect your investment with GAP Protection.
If your car is deemed a total loss, GAP Protection protects you from having to pay the difference between what you owe and what your car is worth. Plus, GAP Protection reimburses your insurance deductible up to $1,000!
| For Example | |
|---|---|
| If you are financing a vehicle at its current appraised value | $25,000 |
| and the amount your insurance company pays toward your outstanding loan balance is less than what is financed at the time of loss, | $21,000 |
| You may still owe after your insurance payout: | $4,000 |
| PLUS you may no longer have a vehicle. | |
See contract for details.
GAP Protection is a debt protection product that can help cover the difference between the amount your car insurance pays out in the case of a total loss and the amount that you still owe on your loan or lease. GAP Protection offered by EFG also covers up to $1,000 of your insurance deductible.
There are a few factors to consider when determining if you want to protect your investment with GAP, such as the cost of your vehicle, the length of your loan, and your financial security.
GAP Protection is debt protection coverage and does not cover losses due to mechanical breakdowns and wear and tear.
