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GAP - Guaranteed Auto Protection
GMI GAP Insurance offers protection against financial liability for individuals who lease or finance a new or used vehicle.
During the first few years, the lease or loan balance can be higher than the actual value of the car. As the car's value declines, the lease or loan balance remains significantly higher.
Should a leased or financed vehicle be stolen or damaged beyond repair, you assume the primary insurance will pay the balance owed on the leased or financed vehicle. Suddenly you find there is a "gap" between the primary insurance company settlement and the actual net payoff of the vehicle, which could result in an out of pocket expense.
Available GMI programs include:
Basic Form: Difference between outstanding balance and the actual cash value of a covered vehicle.
Broad Form: Difference between the outstanding balance and the actual cash value of a covered vehicle plus reimbursement of the primary carrier's deductible (not to exceed $500)
- Download GMI Forms Here
- GAP Insurance for Leased Vehicles Application
