GAP Coverage

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What is GAP coverage?

Guaranteed Auto Protection (GAP) is valuable coverage offered to car buyers as part of the auto loan process. GAP pays the difference between the actual cash value (ACV) of an insurance company settlement and the eligible balance of your auto loan in the event your vehicle is stolen or damaged beyond repair.

Why GAP may be a good option

In the first two or three years of your loan, your new vehicle depreciates in value faster than your loan balance declines.

If your vehicle gets totaled in an accident, or is stolen and unrecovered, your insurance company may pay only the actual cash value of the vehicle, which often does NOT mean the entire balance of your loan.

GAP will cover the unpaid balance, and when purchased through Bellco, will provide $1,000 towards the purchase of another vehicle financed with Bellco.

What does GAP cover?*

  • Non-commercial autos and trucks, one ton or less
  • Pays the difference between your eligible loan balance and ACV Auto Insurance settlement when an unrecovered theft or total loss occurs, including your deductible up to $1,000
  • $1,000 auto allowance toward the purchase of a replacement vehicle when financed with Bellco
  • GAP provides coverage up to a $100,000 loan amount on autos, non-commercial trucks, and SUVs
  • GAP claim coverage maximum is $50,000
  • Up to 150% of MSRP financing covered
  • Up to 150% of NADA retail, including add-ons
  • Loan terms up to 84 months

How much does GAP coverage cost?

There’s a one-time fee of $600, which we can normally finance with your car loan. Don’t go without the peace of mind this coverage can provide you.

GAP Scenario

Consider the following example:

Loan Balance$26,700
Actual Cash Value: $21,000
Insurance Deductible: -$1,000
Insurance Settlement: $20,000
GAP Payment:$6,700