Hotline: 1-800-436-0868
Email: support@voltswitchprotect.com
Guaranteed Asset Protection (GAP)
Financial Security When It Matters Most
Guaranteed Asset Protection (GAP) from Voltswitch Protect provides essential financial coverage in the event a vehicle is declared a total loss. If insurance falls short of covering the remaining loan or lease balance, GAP steps in to bridge the difference – protecting customers from unexpected financial burdens.
By offering GAP, Voltswitch Protect ensures a smoother, worry-free ownership experience while helping customers stay financially secure.
Who This Protection Is For
Guaranteed Asset Protection is ideal for:
- Automotive
- Marine
- Powersports
- Recreational Vehicles (RV)
Key Benefits of GAP Coverage
Close the Gap. Stay Financially Protected.
GAP coverage provides critical financial protection when customers need it most, especially in situations where depreciation and loan balances don’t align.
- Covers the difference between the remaining loan/lease balance and the vehicle’s actual value
- Potects customers from large out-of-pocket expenses after a total loss
- Supports long-term financial stability and peace of mind
- Complements primary insurance coverage for a complete protection plan
- Enhances customer confidence during the ownership journey
Why It Matters
Vehicles can lose up to 20% of their value within the first year, while loan terms often extend well beyond that – sometimes up to 96 months. This creates a financial gap where customers may owe more than their vehicle is worth.
Guaranteed Asset Protection helps eliminate this risk by covering the remaining balance in the event of a total loss, ensuring customers are not left paying out-of-pocket for a vehicle they no longer have.
GAP covers the difference between the remaining loan or lease balance and the actual value of the vehicle at the time of a total loss. This helps protect customers from paying out-of-pocket for the remaining balance.
The settlement breakdown helps determine how the vehicle’s value was calculated by the insurance provider, ensuring the correct GAP benefit amount is applied.
Claim documentation is necessary to accurately process and verify the GAP benefit. This may involve coordination between the insurance provider, lender, and dealership to confirm all required details.
Yes, it is generally recommended to continue making payments until the claim is fully processed to avoid any negative impact on credit. Any overpayment may be refunded once the claim is settled.
Coverage may vary depending on the plan, but typically GAP focuses on the remaining loan balance and may not include additional charges such as taxes, fees, or late penalties.
Yes, customers are typically informed once the claim has been processed, and they can also check their claim status through the appropriate support channels.
Frequently Asked Questions
Everything You Need to Know About GAP Coverage
Explore common questions about how GAP works, what it covers, and how it supports financial protection.
