Commercial Truck GAP
Commercial Truck GAP Protection
Purchasing a truck or trailer? Reduce your financial exposure!
When you finance a truck or trailer, its value will depreciate
over time. If the unit is stolen or destroyed, you could be
left owing a substantial amount of money. You need
protection against the "GAP" - the difference between the actual cash value covered by your insurance company and the balance you owe.
For example, if you buy an $18,000 car, with $500 down, you still owe $17,500. Let’s say you make $350 payments for five months (so you’ve paid $1,750), and then your car is totaled. You still owe $15,750, but your car is only worth $14,000 now. That means you have to cover the $1,750 difference out of your pocket — unless you have GAP insurance. GAP insurance makes up the difference (the gap), so that you don’t come out behind.
Program Highlights
Available for Light, Medium, and Heavy Trucks
Vehicle classification based on Gross Vehicle Weight (GVW)
Benefits are paid up to $50,000
The amount paid on any one claim shall not exceed $50,000 in total.
Lending to Value
Programs available with up to 105%, 115%, or 150% of MSRP or NADA Truck Retail value depending on vehicle type.
Protection for the Term of the Loan or Lease
The length of coverage on Loans or Leases for Light, Medium, or Heavy Trucks is up to 84 months.