In the unfortunate event your vehicle is declared a total loss due to an unrecoverable theft or accidental damage, your auto insurance company will typically pay the current market value of your vehicle, less your deductible. But what if your loan or lease balance is higher than the market value of your vehicle?
Answer: You would be responsible for paying off the difference, including your deductible. Guaranteed Asset Protection (GAP) can help pay the difference, including up to $1,000 of your insurance deductible. |