GAP stand for “Guaranteed Auto Protection”, and it’s critical for anyone who is leasing or purchasing a new car. It’s essentially an extra layer of insurance on top of your regular car insurance policy.
If your car suffers a total loss, standard coverage will provide the replacement value cost for your vehicle, or “book value”. The problem with this is that there is usually a significant difference between the “book value” of your vehicle, and your financial obligation to the leasing or auto financing company. Many times when a total loss occurs you can end up owing more than you are insured for. GAP Insurance will help cover the extra amount, so that you can get back on the road faster!
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