Guaranteed Asset Protection (GAP) Insurance
Guaranteed Asset Protection (GAP)
GAP (Guaranteed Asset Protection) is an insurance add-on that pays the difference between the depreciated value you still owe on your vehicle if it’s stolen or totaled.
In plain English, it covers that “gap” between your car’s real value (as determined by your insurance company) and your auto loan balance.
Want to know the best part? GAP coverage will provide up to $500 towards Auto Deductible Reimbursement and, in the event of a total loss, up to $1,000 downpayment towards your new auto loan with Education First! That's coverage you can't beat!Purchase Now
Does GAP benefit everyone?
GAP insurance is recommended for drivers who are, or likely to be, upside down on their auto loans. No, this doesn’t involve a trapeze; it just means the drivers owe more for their car than what it is actually worth.
How much does GAP insurance cost?
GAP insurance generally costs between $500 and $700 when purchased from a dealership or between $20-$40 a year when added to an existing auto insurance policy. However, GAP insurance purchased through Education First will cost you just $400 per year.
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