Filling in the GAP
Do you have all the coverage you need?
Many of us have heard the term GAP Insurance and may or may not have known what’s actually covered. Here’s the skinny on GAP.
In the event your vehicle is involved in a total loss due to theft or collision, you’re responsible for the gap between your auto insurance limits and the outstanding balance of your loan. Most insurance policies only cover the actual cash value of your vehicle at the time of loss, which means the settlement you receive could be less than the amount you owe.
Consider the benefits of GAP Waiver:
- Waives the difference between the actual cash value of your vehicle and the balance remaining on your vehicle loan.1
- Waives up to $1,000 of your auto insurance deductible.2
- Benefits paid up to $50,000.
- Provides an additional $1,000 of financing toward a replacement vehicle.2
- Protection begins immediately after your lender processes your enrollment and continues for the term of the loan.
- Peace of mind for an affordable one-time fee.
Contact the Loan Call Center today at 615-743-3700 or 800-521-9653 for more information.
1 Some exclusions may apply. See GAP Waiver for details.
2 This optional benefit is not available in all states. Trade/service marks are the property of their respective owners. All rights reserved. GAP Waiver features may vary by state and financial institution.
Details regarding GAP Waiver features are available from your financial institution.