GAP

Covers difference of Net Payoff and Carrier Settlement

Introduction

In the event of a constructive total loss to the covered vehicle, Performance Automotive Management will cover the difference between the net payoff and the greater of the primary carrier settlement or 90% of ACV on the date of loss. 

Products Available

State and Lender specific regulations determine whether the GAP product is a waiver or insurance, and the regulations can change at any time. For updated information regarding State and Lender regulations and for information regarding product specifications for a particular state, please contact our office. 

Six types of waivers are offered:

Commercial GAP up to 15,000 GVW Franchise GAP-Covers up to 150% max. MSRP in the event of a Total Loss.

Franchise GAP Plus-Covers up to 150% max. MSRP in the event of a Total Loss. Plus a $1,000.00 credit to be applied toward the purchase of a replacement vehicle at the original selling dealer.

Non-Franchise GAP-Covers up to 125% max NADA or MSRP in the event of a Total Loss.

GAP Wrap-Pays an additional $2500 - $5000 benefit in the event of a total loss.

Motorsport GAP-Covers up to 120% max. MSRP in the event of a Total Loss.

BHPH Gap-Covers up to 125% max NADA in the event of a total Loss.

Maximum Term

Up to 84 Months

Lender Approval 

Certain Lenders have special requirements that must be met in order for them to approve a GAP product.

Lender Approval

Please check with Customer Service for the requirements in your state.