How to calculate GAP coverage - Zurich Insurance
Guaranteed Auto Protection (GAP)
Help cover the GAP in the road ahead
If your vehicle is stolen and not recovered, totaled in an accident, or damaged beyond repair due to a natural disaster, your auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle's actual cash value rather than the amount remaining on your loan. This could leave a financial "gap" of thousands of dollars.
Guaranteed Auto Protection offers financial protection and peace of mind, waiving or cancelling the remaining balance of your vehicle loan, after the payment from your insurance company.* Insurance deductible of up to $1,000 may also be covered.
How to calculate GAP coverage
When will GAP waiver apply?
* The amount cancelled could be limited if the amount of the loan or lease exceeds a certain percentage of the actual value of the covered vehicle. The amounts cancelled vary, and there may be amounts for which you remain liable. Please consult your GAP agreement for full details of the terms and conditions of this coverage.
** The maximum amount cancelled may not apply in your state. Please consult your GAP agreement for full details of the terms and conditions of this coverage.
LOAN PAYOFF
THE GAP
DEDUCTIBLE SETTLEMENT
Benefits of GAP:
? Cancels up to $50,000** of loan balance
? Covers negative equity
? Insurance deductible of up to $1,000 may be covered
? Helps maintain your good credit
? One-time cost that can be added to your vehicle's monthly payment.
VEHICLE
INSURANCE
> Click here to view legal disclaimer 1
Guaranteed Auto Protection (GAP)
Help cover the GAP in the road ahead
If your vehicle is stolen and not recovered, totaled in an accident, or damaged
How to calculate GAP coverage
beyond repair due to a natural disaster, your auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle's actual cash value rather
When will GAP waiver apply?
than the amount remaining on your loan. This could leave a financial "gap" of
thoGusAanPds wof adoivllaerrs. formula:
* The amount cancelled could be limited if the amount of the loan or lease exceeds a
certain percentage of the actual value of the covered vehicle. The amounts cancelled
Guaranteed Auto Protection offers financial protection and peace of mind, waiving
vary, and there may be amounts for which you remain liable. Please consult your GAP
agreement for full details of the terms and conditions of this coverage.
oyoruCcraAnincRseullrPianUngcRtehCceoHrmeAmpaaSninEy.i*nDgInbsuarlaannccee CodfeAdyouRuctrTibvOelehTiocAfleuLlpoEatDon,$a1f,0te0r0tmheaypaaylsmoebneTt HcforoEvmerGedA. P
GAP WAIVER ** The maximum amount cancelled may not apply in your state. Please consult your GAP agreement for full details of the terms and conditions of this coverage.
IN ACCIDENT
$32,000 LOAN BALANCE AT TIME OF LOSS
$32,000 LOAN BALANCE AT TIME OF LOSS
$40,000 $25,000 ORIGINAL AMLOOUANTN PAYOFF FINANCED
VEHICLE CASH VALUE AT TIME OF LOSS
(PER INSURANCE COMPANY)
- $24,000 INSURANCE SETTLEMENT
- $1,000 CUSTOMER PAID DEDUCTIBLE
THE GAP
THE GAP: AMOUNT NOT COVERED BY
$7,000 INSURANCE SETTLEMENT
$7,000 AMOUNT
Benefits of GAWAPIV: ED BY GAP
+ $1,000 REIMBURSED ? Cancels upCtUoSTO$M50ER,0D0ED0U*C*TIBLE $8,000 of loan balCaOnVcEReED WITH GAP WAIVER ? Covers negative equity
DEDUCTIBLE
? Insurance deductible of up to $1,000 may be covered
SETTLEMENT
$0 WITH GAP WAIVER,
YOU OWE NOTHING:
? Helps maintain your good credit
? One-time cost that can be added to your vehicle's monthly payment.
VEHICLE
INSURANCE
> Click here to view legal disclaimer 2
Guaranteed Auto Protection (GAP)
Help cover the GAP in the road ahead
If your vehicle is stolen and not recovered, totaled in an accident, or damaged beyond repair due to a natural disaster, your auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle's actual cash value rather than the amount remaining on your loan. This could leave a financial "gap" of
thoWusahndesnofwdoillllarGs. AP waiver apply?
Guaranteed Auto Protection offers financial protection and peace of mind, waiving or cancellWinhgatthies rceomveairneidng? balance of your vehicle loan, after the payment from your insurance company.* Insurance deductible of up to $1,000 may also be covered.
? Vehicle is totaled in an auto accident ? Vehicle is stolen and not recovered ? Vehicle is destroyed in a natural disaster
LOAN PAYOFF
What is not covered? ? Repairs to your vehicle
THE GAP
? Car payments in case of hardship
? Value of vehicle or balance of loan if it is repossessed
DEDUCTIBLE
SETTLEMENT
How to calculate GAP coverage When will GAP waiver apply?
* The amount cancelled could be limited if the amount of the loan or lease exceeds a certain percentage of the actual value of the covered vehicle. The amounts cancelled vary, and there may be amounts for which you remain liable. Please consult your GAP agreement for full details of the terms and conditions of this coverage.
** The maximum amount cancelled may not apply in your state. Please consult your GAP agreement for full details of the terms and conditions of this coverage.
Benefits of GAP:
? Cancels up to $50,000** of loan balance
? Covers negative equity
? Insurance deductible of up to $1,000 may be covered
? Helps maintain your good credit
? One-time cost that can be added to your vehicle's monthly payment.
VEHICLE
INSURANCE
> Click here to view legal disclaimer 3
Guaranteed Auto Protection (GAP)
Help cover the GAP in the road ahead
If your vehicle is stolen and not recovered, totaled in an accident, or damaged
How to calculate GAP coverage
beyond repair due to a natural disaster, your auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle's actual cash value rather
When will GAP waiver apply?
than the amount remaining on your loan. This could leave a financial "gap" of
thousands of dollars. Legal disclaimer
* The amount cancelled could be limited if the amount of the loan or lease exceeds a certain percentage of the actual value of the covered vehicle. The amounts cancelled
Guaranteed Auto Protection offers financial protection and peace of mind, waiving
vary, and there may be amounts for which you remain liable. Please consult your GAP
agreement for full details of the terms and conditions of this coverage.
or cancelling the remaining balance of your vehicle loan, after the payment from
your
insurance
company.*TIhnissubrroacnhucree dgievedsuyocutiba lgeenoefraul opvetrovie$w1,o0f0Z0urmicha'syGaAlPsowabiveercporvoegrraemda. vailable
** The maximum amount cancelled may not apply in your state. Please consult your GAP agreement for full details of the terms and conditions of this coverage.
in California and other states. Purchase of this product is voluntary and not required
to complete the retail transaction. GAP Programs may vary by state. The amount
waived under a GAP waiver contract could be limited if the amount of the loan or lease
exceeds a certain percentage of the actual value of the covered vehicle. Additionally, actual payoffs vary and there may be amounts for which the buyer may remain liable,
Benefits of GAP:
iLnOcluAPdNAingYPOtAheFYFaOutFoFinsurance deductible. Please consult the GAP agreement for details.
In California, contact Universal Underwriters Service Corporation, an individual member company of Zurich in North America, the administrator of the GAP waiver program
THE GAP with questions. In other states, contact the selling dealer or Universal Underwriters
Service Corporation, an individual member company of Zurich in North America, the administrator of the GAP waiver program with questions.
? Cancels up to $50,000** of loan balance
? Covers negative equity
?2017 Zurich American Insurance Company. All Rights Reserved.
DEDUCTIBLE
? Insurance deductible of up to $1,000 may be covered
SETTLEMENT
? Helps maintain your good credit
? One-time cost that can be added to your vehicle's monthly payment.
VEHICLE
INSURANCE
> Click here to view legal disclaimer 4
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