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RpmPlus Marine Guaranteed Asset Protection (GAP)

GAP helps waive what insurance doesn’t cover

If your customer's watercraft is declared a total loss due to an accident, theft or natural disaster1, your customer's primary insurance company may only pay for the amount equal to their assessment of the market value of the vessel at the time of the total loss, less the deductible amount. Unfortunately, there may be a significant “gap” between what the primary insurer pays and the balance they owe on their marine finance agreement.

RpmPlus Marine Guaranteed Asset Protection (GAP) product may help protect them by waiving some or all of the difference.1

Benefits
  • Waives up to $50,000 of the “gap” due to a covered total loss
  • Includes coverage for your primary insurance deductible up to $1,0002
  • Available on vessels with a Manufacturer’s Suggested Retail Price (MSRP) Marine Appraisal Guide value of up to $200,000
  • Covers amount financed up to 120% of the vessel’s MSRP/NADA value3
  • Covers vessel finance agreement terms up to 84 months4
Coverage exclusions apply5:
• Any amounts or terms exceeding the program maximum limits listed under “Benefits” or in your Addendum
• Any amounts owed on your marine finance agreement resulting from late fees, due date changes, or from missed, delinquent, deferred or skipped payments
• Total losses resulting from dishonest, fraudulent or illegal acts (such as DUI) by customer, customer’s family member or other person acting under customer’s authority
• Vessels used for competitive racing or for a prohibited commercial purpose
• If the customer has refinanced the original vessel finance agreement or the original covered vessel
• The following deductions taken by the primary insurer: prior damage, salvage, missing items, excess towing, custom equipment and storage6
How GAP protects your customer's investment
 
Primary insurance assessment of vessel market value at time of total loss $41,000
Primary insurance deductible2  -$1,000
Market Value of Vessel less Primary Insurance Deductible  $40,000
Outstanding finance agreement balance at time of total loss, assuming all payments were made on time  $45,000
Potential amount you owe  $5,000
Waived by GAP  -$5,000
Out-of-pocket expenses with GAP  $0

 

1 Please refer to your Addendum for details. GAP programs vary by dealer/lender/state of purchase. Maximum eligibility limits, coverage limits and exclusions apply. Note that you remain responsible for past due payments, late fees, other charges on your vessel finance agreement and any other amounts that are not covered by the GAP product.

2 Primary insurance deductible coverage is not available in all states. See state-specific provisions in your Addendum for complete details.

3 This is a limitation on the ratio of the vessel finance agreement amount compared to the vessel value. No coverage will be provided for the portion of the outstanding vessel finance agreement balance resulting from the amount financed being greater than 120% of the MSRP/NADA value of the vessel. In the event of a total loss, the outstanding vessel finance agreement balance will be re-amortized as if the amount financed were 120% of the MSRP/NADA value (unless state law provides otherwise).

4 This is a limitation on the vessel finance agreement term. No coverage will be provided for the portion of the outstanding vessel finance agreement balance resulting from the vessel finance agreement term being greater than 84 months. In the event of a total loss, the outstanding vessel finance agreement balance will be re-amortized as if the vessel finance agreement term were 84 months (unless state law provides otherwise).

5 Additional exclusions may apply. Please see your Addendum for specific coverage details, including limitations and exclusions.
6 Unless state law provides otherwise.

RpmPlus Marine Guaranteed Asset Protection is a Revolos legacy product.

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