Guaranteed Asset Protection (GAP)


Family on vacation
You could lose more than your vehicle, boat, motorcycle, or RV if it is stolen or involved in a major accident. You could lose your investment. Because insurance policies only cover the value of your vehicle – something that rapidly declines the first few years of ownership – your loan or lease balance could be higher than the value of your vehicle. Now you can protect yourself with Guaranteed Asset Protection (GAP).

The value of a new car depreciates by a third in just three months, which implies that a potential gap of 20-30% is already formed between the car's actual value and its worth as per the lease/loan agreement in such a short time. GAP auto insurance thus becomes imperative for all car owners especially if they own very expensive cars.

GAP is a non-insurance product and is made available via a loan/lease deficiency waiver that covers the “gap” between the vehicle’s value and the amount you still owe.

If you are interested in purchasing a GAP policy, have questions on a claim, or would like more information, please contact us at (402) 292-8000 or (800) 228-0392.