What does GAP protection cover?

What is “GAP” protection?

GAP stands for Guaranteed Asset Protection. If your car is declared a total loss due to an accident, theft or natural disaster, you can protect yourself from the financial burden of a “gap” between the value of your car and the balance on your loan. Vroom GAP coverage protects you by waiving the difference between your remaining loan balance and what the insurance company will pay.

What does GAP cover?

- Waives covered losses up to $50,000

-  May include coverage for your insurance deductible, up to $1,000

- Available on amounts financed up to 150% of your vehicle’s MSRP, up to $150,000

 

Example Scenario:

Loan/lease balance $23,000
Cash value of vehicle -18,000
The "gap" $5,000
Insurance deductible +$500
Potential expenses $5,500
Out-of-pocket expense with Vroom's GAP Protection  $0

 

Who is GAP protection good for?

- Drivers financing more than 36 months

- Drivers financing more than 70% of the purchase price

 

Any questions?

Call us at 855-524-1300.