|
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. |