GAP (which stands for guaranteed asset protection) is either an addendum that amends your financing agreement or a separate insurance policy that accomplishes the same purpose. In the event of a constructive total loss of your vehicle, GAP will, in most cases, cover the difference between: (A) the smaller of the actual or scheduled payoff balance owed under your original financing agreement (net of certain refunds, if applicable), and (B) the value that the auto insurance carrier has placed on your vehicle for purposes of issuing you an insurance payment. The refunds that may be deducted are those due to your finance company (for your benefit) for other cancellable products, such as credit insurance and service contracts. If there is no auto insurance in place, or if for any reason no auto insurance carrier determines a value for your vehicle, the value of your vehicle will be determined through use of a generally-recognized source for determining used car values. Depending upon certain factors, including your loan or lease payment history, the GAP benefit may not cancel or waive the entire outstanding balance under your original financing agreement at the time of loss.

No, purchase of GAP is voluntary and is not required. Neither the extension or terms of the credit nor the terms of the vehicle sale or lease may be conditioned upon the purchase of GAP.

GAP coverage is triggered in the event of a constructive total loss of your vehicle due to collision, fire or an unrecoverable theft. Please see your GAP addendum/policy for additional details

Please contact your auto insurance carrier for guidelines and assistance.

Yes, GAP is available on leased vehicles. Please contact your auto dealer representative for more information.

For your convenience, a checklist of all the documents Protective requires to process your GAP claim may be found HERE.

Please contact Protective at 866-493-0184 between the hours of 8AM – 6PM Central Time to inquire on the status of your claim. Please have your GAP addendum/policy number or your claim number ready when you call.

The GAP benefit may not cancel or waive the entire amount owing at the time of loss. One example of when it will not is if you were behind on your loan or lease payments at the time of loss. In the event that you still have an outstanding balance after your GAP benefit has been paid, please contact your finance company to inquire about the outstanding balance. Then contact us at 866-493-0184 between the hours of 8AM-6PM Central Time for a breakdown of the GAP benefit paid by Protective.

Yes, because you did not make a claim under your GAP addendum/policy, and you no longer need the coverage to stay in place, you may be entitled to a partial refund, less a cancellation fee. Please return to your selling auto dealer for information on how to cancel your GAP addendum/policy.

Yes. As long as you have not made a claim under your GAP addendum/policy, you may cancel it at any time and receive a refund. Generally, if you cancel within the first 30 days, you will receive a full refund. Thereafter, you will generally receive a partial refund, less a cancellation fee. If your finance agreement is still in place, the refund will be sent to your financial institution.

A GAP benefit is calculated by using the lesser of the scheduled payoff balance or the actual payoff balance under your original financing agreement, minus certain items. These items include such things as the value of your vehicle at the time of loss; any refunds owed to your finance company (for your benefit) due to the early termination of other cancellable products, such as credit insurance and service contracts; any portion of your auto insurance deductible that exceeds a specified amount; and amounts deducted from the auto insurance carrier’s total loss settlement to account for prior, unrepaired damage to your vehicle. For a lease, the scheduled payoff balance is the remaining payments owed under the original financing agreement (assuming all payments were made on time), less applicable taxes and rental fees, plus the residual value as of the date of loss.

^***The terms of your GAP contract may vary based on the state in which you reside. Please see your addendum/policy for exact terms, coverage, limitations and exclusions applicable in your state.^***

Please contact us at 866-493-0184 between the hours of 8AM-6PM Central Time for specific questions on your GAP addendum/policy.

If there is an outstanding payoff balance on your loan or lease, the GAP benefit will be sent to your finance company to be applied to the balance under your financing agreement. If there is not an outstanding balance, the GAP benefit will be paid to you.

Yes, you are encouraged to keep up to date with your vehicle payments after you have incurred a constructive total loss. Until any GAP benefit due has been processed and paid to your finance company, you may need to make payments to stay current on your loan or lease. Please contact your finance company for more specific guidelines and terms.

If there is an outstanding payoff balance after your auto insurance carrier provides its settlement, you must file a GAP claim to receive a GAP benefit. Filing a GAP claim is voluntary and not required if there is not an outstanding payoff balance. You may, however, want to cancel your GAP coverage at that time. Depending upon certain factors, including your loan or lease payment history, the GAP benefit may not cancel or waive the entire outstanding balance under your original financing agreement at the time of loss.

Yes, you may file a GAP claim regardless of whose auto insurance carrier is paying the settlement. Please refer to the claim checklist HERE.

Yes, you may still file a GAP claim. We require a completed and notarized Statement of No Insurance document found HERE. In addition, an estimate of damages to your vehicle is required to process a claim.

If no police report is available, Protective’s claim procedures require a sworn statement indicating: no police report was filed, the date of loss, a detailed description of the loss, and vehicle information, including the vehicle identification number.

No, once a GAP benefit has been paid there is no refund due to you. Please contact Protective at 866-493-0184 for further questions between the hours of 8AM-6PM Central Time.

No, GAP does not offer car rental benefits.

GAP generally covers your auto insurance deductible up to $1,000.00. However, GAP does not reimburse your deductible in the event of a $0.00 GAP benefit. Please contact Protective at 866-493-0184 between the hours of 8AM-6PM Central Time for further questions.

If no auto insurance carrier exists, an estimate of repairs is required to establish that the vehicle’s condition meets the definition of a constructive total loss.