What "GAP" is and why you need GAP Warranty
GAP is designed to relieve you of the responsibility for the remainder of the loan balance that your primary insurance carrier may not cover. Essentially, GAP protects you from substantial loss.
Purchasing a vehicle is one of the largest investments you will make in your lifetime. No matter what income bracket, previous credit history or current financial situation then you have another concern that most people don’t think of until it’s too late.
What happens in the event of a total loss due to theft, accident or otherwise? Think your protected? Think again!
In the event of Total Loss, insurance companies will generally only pay up to the "book value" of your car - not the amount that you still owe on your car loan!
GAP protects you and your family by providing coverage that your primary insurer may not in the event of a total loss.
GAP Warranty Benefits
Here are just a few benefits of our financial GAP program. Please feel free to discuss any specific details with your dealer:
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Protection for New and Used vehicles
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Coverage for terms up to 84 months
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Coverage is available for almost all types of vehicles, such as: cars, trucks, boats, pwc’s snowmobiles, motorcycles, atv’s and RV’s
What if my car is stolen?
In Canada a vehicle is stolen every 3 minutes (according to the Insurance Bureau of Canada). In 2006 there were 170,000* vehicles stolen in Canada, in 2005 that number was 160,000*. The recovery rate of stolen vehicles is less then 50%.
You can protect your vehicle, boat, motorcycle or RV with Guaranteed Asset Protection, GAP.
If your vehicle is totalled or stolen, your primary insurance company settlement in many cases will be signifi cantly less than the outstanding loan balance. This may cause a "GAPUquot; resulting in a serious financial hardship for you and your family.
Questions & Answers
Who under writes our GAP Warranty?
Our GAP Warranty program is underwritten by one of the largest insurance companies in the world.
What provinces is GAP Warranty available in?
GAP Warranty is currently available in every province and territory in Canada. This include both the far north and Quebec.
Does GAP replace my comprehensive or collision coverage?
GAP is coverage that compliments your existing primary auto policy. How do I pay for the GAP coverage? Normally, GAP is fi nanced in with your loan. The premiums for coverage are very reasonable.
If my primary insurance pays my loan balance in full does GAP reimburse me for any deductible, or pay my amount above the loan balance?
Deductible coverage is not part of our program, GAP is designed to help in the event of a settlement shortfall with your primary insurer, in some cases your primary insurer may pay the entire loan amount and not leave a "gap".
How do I file a claim?
Simply call our Claim’s Department at 416-596-3061 between 9:00 a.m. - 5:00 p.m. E.S.T. Monday to Friday. (Make sure to have your GAP Warranty registration number on hand when you call.)
