In this video, Joel Bassam, the Director of Marketing at Easterns Automotive Group, describes the importance of GAP, or Guaranteed Asset Protection, insurance. This insurance goes into effect when a vehicle is totaled or otherwise lost, but more money is owed on it than it’s worth. That means your regular insurance will pay less than what you owe. GAP insurance covers the extra cost so that you can pay the vehicle off, and it is offered to every one of Easterns Automotive’s clients. Always remember – at Easterns Automotive, your job is your credit!
In the event that your vehicle is stolen, accidentally damaged beyond repair or otherwise declared a total loss, your insurance company will pay their interpretation of your vehicle’s value – not what it’s worth to you. 1 After your insurance company values your vehicle, you could still owe a substantial amount on your loan or lease. You remain liable for paying the difference between your insurance company’s settlement and your remaining balance. This difference – added to the amount of your deductible, time missed from work, rental car costs, a replacement vehicle and other expenses – can easily total thousands of dollars out of pocket.
* Image for illustrative purposes only; amounts vary for each consumer