What is GAP?

GAP stands for Guaranteed Asset Protection. This is coverage that provides financial security for customers. When a vehicle is purchased, the value of it immediately drops, causing the customer to owe more money on the car than it is actually worth. Therefore, if the vehicle is totaled, the potential exists for the insurance company to offer a settlement that does not even cover what is left to pay on the loan, creating a "gap." Performance GAP covers this difference.