Hotline: 1-800-436-0868
Email: support@voltswitchprotect.com
Guaranteed Asset Protection (GAP)
Total Protection for Your Maritime Investment
In the event of a total loss – whether due to theft, fire, or a mishap on the water – standard marine insurance often only covers the actual cash value of your vessel. Because boats depreciate quickly, this payout is often significantly less than what you still owe on your loan or lease. Voltswitch Protect’s GAP coverage is designed to eliminate that “financial gap.” By covering the difference, we ensure that a total loss doesn’t leave you with a massive debt for a boat you can no longer use.
Who This Protection Is For
GAP Protection is ideal for:
- New Boat Owners: Those who have financed a new vessel with a low down payment.
- Long-Term Borrowers: Customers with loan terms extending 60 months or longer.
- Lease Holders: Drivers who want to ensure their lease is fully satisfied in the event of a total loss.
Key Benefits of Marine GAP
Financial Security When You Need It Most
Our GAP plan provides a critical safety net with no out-of-pocket deductible for the claim.
- Balance Waiver: Waives the difference between the insurance settlement and the remaining net balance of your loan or lease.
- Deductible Coverage: Minimizes your strain by covering your primary insurance deductible (up to plan limits, where allowed).
- Theft & Casualty Protection: Provides coverage for total losses resulting from theft, sinking, fire, or collision.
- Credit Protection: By satisfying your loan balance quickly, we help protect your credit rating during a difficult time.
- Flexible Financing: Can often be included in your monthly vessel financing for just pennies a day.
Why It Matters
- Average annual cost of driving on deteriorated roads: $1,044
- Seven tire punctures occur every second
Research shows that new assets can lose up to 20% of their value within the first 12 months. With the average new loan length now exceeding 68 months, it is very common for owners to be “underwater” on their equity for several years. Without GAP, you could be responsible for paying off a $10,000 to $30,000 deficiency out of your own pocket. Voltswitch Protect ensures that a total loss doesn’t become a total financial disaster, allowing you to move on to your next vessel with a clean slate.
GAP covers the difference between the Actual Cash Value (ACV) of your vessel determined by your insurance and the remaining balance on your original loan. It ensures you aren't left owing money on a boat that has been destroyed or stolen.
Yes. We strongly recommend maintaining your monthly payments until the claim is finalized. This keeps your credit in good standing. Any overage created by our settlement will be refunded to you by your lender.
The evaluation report shows how your insurance company calculated your boat's value. We need this to accurately determine the GAP benefit and ensure your loan is paid off correctly.
Yes. In most cases, the deductible is inclusive of the portion we pay to the lender. If your insurance deducted $500 from your check, GAP picks that up as part of the total settlement to the lender.
Frequently Asked Questions
Navigating the Total Loss Process
We know that a total loss is stressful. Here is how Voltswitch Protect helps you navigate the financial recovery process.
