Classic Signature GAP 125% MSRP/NADA Value
Meet Our Most Comprehensive and Claims-Friendly GAP Protection
Classic Signature GAP offers coverage for new or previously-owned automobiles
Unfortunately, these unpleasant realities occur far too often.
For your own protection, and for your financial security, read the information below. You’ll learn what’s at stake should your vehicle be stolen and not recovered, or totaled after an accident. And, that could potentially save you thousands of dollars.
Since the very first auto insurance policy, many drivers have learned the hard way that a standard auto insurance policy may not provide all the financial protection they need.
Here’s why: When the value of a vehicle is less than the balance of the loan, this is described as being “upside down” on the loan.
A special kind of protection called “GAP protection” may help cover the difference.
Negative Equity Puts Buyers at Risk
GAP protection is designed to help cover the difference between the fair market value of your vehicle at the time it’s totaled and your outstanding loan balance. Here’s an example using a typical auto loan:
Amount you owe on your loan………………………..$15,000
Vehicle book value at the time of loss……………..$13,000
Your insurance deductible………………………………$500
Amount insurance company pays you…………….$12,500
The ‘GAP’……………………………………………………….$2,500*
*The actual benefit amount paid to you is determined only at the time of your loss per the terms described in the deficiency waiver addendum and may not cover the entire outstanding loan balance due to any listed exclusions including any limitations based on the loan-to-value coverage of 125%.
Highlights of Classic Signature GAP Include:
Coverage up to 84 months for automobiles, light trucks, vans and powersports. Coverage up to 120 months for RV’s, trailers, and watercraft.
Coverage up to 125% of the MSRP/NADA value for automobiles, light trucks, vans, and powersports. Up to 135% of the MSRP/NADA for RVs, trailers and watercraft.
An online claims portal that makes it easy to open new claims, sign-up for status updates, and facilitates quicker processing of potential claim benefits.
Backed by an A.M Best A-Rated carrier… and much more!
Not everyone needs GAP protection. However, thanks to significant changes in the way automobiles, trucks, and vans up to one ton, motorcycles, powersports, RVs, trailers and watercraft are purchased and financed, more and more consumers are finding it may be beneficial to purchase GAP.