Hotline: 1-800-436-0868
Email: support@voltswitchprotect.com
Guaranteed Asset Protection (GAP)
Secure Your Investment Against the Unexpected
An RV is a significant investment, often involving long-term financing. In the event of a total loss – whether from an accident, fire, or theft – your primary insurance may only cover the Actual Cash Value of the vehicle. Because RVs can depreciate faster than the loan balance decreases, you could be left owing thousands of dollars for a vehicle you can no longer use. Voltswitch Protect’s GAP coverage is designed to eliminate that “financial gap,” providing a worry-free ownership experience.
Who This Protection Is For
GAP Protection is ideal for:
- New RV Owners: Those with low down payments on high-value motorhomes or fifth wheels.
- Long-Term Financing: Customers with loan lengths averaging 68.6 months or longer.
- Lease Holders: Anyone looking to fully satisfy their lease agreement after a total loss.
Key Benefits of RV GAP
Major Financial Security for Total Loss Events
GAP offers financial protection when your customers need it most, all with no deductible.
- Financial Gap Waiver: Waives some or all of the financial gap after a total loss with coverage beyond standard insurance payouts.
- Deductible Coverage: Minimizes financial strain by covering your primary insurance deductible (where allowed).
- Inflation & Value Protection: Addresses the reality that new vehicles can lose 20% of their value within the first 12 months.
- Loan Flexibility: Provides security for modern lending terms, which can sometimes last 96 months or longer.
- Enhanced Loyalty: Builds trust and peace of mind by shielding customers from unforeseen financial burdens.
Why It Matters
Research shows that new vehicles lose a significant portion of their value the moment they leave the lot. In the first quarter of 2023, new-car loans averaged 68.6 months, meaning many owners stay “underwater” on their loans for years. A total loss without GAP can lead to a devastating deficiency balance. Voltswitch Protect ensures you are protected from these unforeseen burdens, allowing you to focus on your next adventure rather than an old debt.
GAP (Guaranteed Asset Protection) covers the difference between the balance remaining on your original loan and the Actual Cash Value (ACV) of your RV at the date of loss. Please note it does not cover interest or late fees accrued after the loss date.
Documentation from your insurance company, lienholder, and dealership is essential. We require the evaluation report to see how your insurer determined the value and the settlement breakdown to confirm the exact amount they paid.
Yes. We highly recommend maintaining your monthly payments until the claim is completed to keep your credit in good standing. Your lender will refund any overage directly to you once our payment is applied.
While the contract refers to deductible reimbursement, it is inclusive of the portion we pay to the lender to satisfy your outstanding balance. If your insurance deducted $500 from your settlement, GAP picks this up as part of the total settlement to the lender.
Frequently Asked Questions
Navigating the RV GAP Process
Whether you’re looking for more information on product features or service details, we have a wealth of helpful insights.
