What is GAP?
GAP stands for Guaranteed Asset Protection and is designed to protect you from additional out of pocket expense in the event of a total loss due to an accident, theft, or natural disaster. In other words, GAP pays for the difference that you owe on your vehicle and the actual cash value.
How GAP helps you:
In the event of total loss due to an accident, theft, or natural disaster GAP will waive up to all of the difference between what you owe on your vehicle and what the insurance company gives you as actual cash value.
Actual Cash Value: - $11,000
Insurance Deductible: +$500
Out of pocketEpense: $3,500
While Penway Autmotive offers some of the best price used cars in Chambersburg, PA, car values are always changing. Sometimes for the good, but lets face it, a car is a depreciating asset. GAP is a good decision for anyone not putting down a large some of money and financing all or most of their new or used car.
*Optional Gap insurance is available for financed vehicles only. Not Available for all model years. Some exclusions and limitiations do apply. Please see Gap contract for full details and disclosures. For more details and pricing see our sales staff.