Guaranteed Asset Protection (GAP) Coverage
Protect Your Investment When Life Takes an Unexpected Turn
You drive off the lot in your new vehicle—and the moment you do, it starts to lose value. If your car is totaled in an accident or stolen, your insurance will only pay the actual cash value (ACV) of the vehicle, not what you still owe on your loan or lease.
That difference—the "gap"—can leave you owing thousands of dollars on a vehicle you can no longer drive. Total Care Auto Powered by Asbury offers Guaranteed Asset Protection (GAP) to help bridge that financial gap, covering the difference between your loan balance and your vehicle's value in the event of a total loss.
How GAP Coverage Works
What is GAP Coverage?
If your vehicle is in an accident and deemed a total loss or if it is stolen and not recovered, the settlement amount your insurance company will actually pay may be less than the amount you owe on your vehicle's loan. In many cases, you are left to pay off the difference.
Guaranteed Auto Protection or GAP will waive all or a portion of the deficiency balance between the amount still due on your financing agreement and your auto insurance settlement. In most states, GAP will also cover your auto insurance deductible up to $1,000.
How GAP Works
Example showing how GAP Protection can assist with covering a totaled vehicle with a $35,000 loan balance:
| Outstanding Loan Balance | $35,000 |
|---|---|
| Auto Insurance Settlement** | $32,000 |
| Potential Amount YOU Owe | $3,000 |
| Waived by GAP* | - $3,000 |
| Amount YOU Owe with GAP Protection | $0 |
Key Benefits of GAP from Total Care Auto Powered by Asbury
Smart, affordable protection for the road ahead
Covers the Gap
Helps cover the "gap" between your vehicle's value and your remaining loan or lease balance after a total loss.
New & Pre-Owned
Applies to both new and pre-owned vehicles.
Protects Your Credit
Helps protect your credit by preventing unpaid loan balances.
Financed Add-On
Coverage can be included with your vehicle’s financing.
Simple Claims Process
We work directly with you and your primary insurance carrier to process your claim quickly.
Peace of Mind
Drive confidently knowing you're protected from financial surprises.
The Bottom Line
Your car may lose value over time, but your financial protection shouldn't. With Guaranteed Asset Protection from Total Care Auto Powered by Asbury, you can drive confidently knowing that even in the worst-case scenario, we will help protect your pocket book.
It's smart, affordable protection for the road ahead.