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Gap Coverage?

What is Gap Coverage?

The easiest way to explain what Gap Coverage (Guaranteed Auto Protection) is that it's an extra policy that you might need to protect you from financial loss should your car or truck be stolen or totaled when the amount the auto insurance agency decides to pay is less than what you may still owe the finance company for your vehicle.

What Happens When You Don't Have Gap Coverage Protection?

Years ago, I had purchased a new car, called an insurance agent and got what I was told was "complete coverage", which included comprehensive, collision and liability coverage. It wasn't until sometime after the day my wife and kids, who were taking a ride around the corner in our family car, got smashed into by a speeding vehicle, driven by a young teenaged girl who had ran through a red light, that I found out my coverage was anything but "complete".

What we were missing was gap coverage.

My primary concern was of course my family. Thankfully, everyone escaped the accident without any permanent or life threatening injuries. The same could not be said for our family car. It was completely totaled. We didn't have the best credit, so we had an expensive monthly payment of almost $400 per month on a 5 year/60-month loan. This was during our third year of the contract, and little did I know at the time, most of that was interest on the loan, we still owed almost half of the original purchase price.

At first, our insurance agent was very friendly and assured us they would take care of everything. They told us the other driver was clearly at fault and that her insurance company would cover our losses. We were disgusted to learn that her insurance company gave us $5000 less than what we needed to pay off the loan with our finance company. Our lawyers were able to recover damages for personal injuries only, which we didn't even see for almost a year after the accident. This whole situation left us with much worse credit, since we could not afford the $5000 difference we had to pay the finance company, plus we no longer had a car or anything to show for the three years we already paid out on it. Imagine how furious we were after learning from our finance company that we could have protected ourself from this situation if we had purchased gap coverage for only a few hundred dollars which could have been financed and only cost us a few extra dollars per month.

We created this website to help educate others out there who might not have purchased gap insurance yet for their vehicles, whether they purchased or leased their car or truck through a finance company and might not have this extra coverage. We want you to be informed and if you have not done so, at least check all your paperwork to check and make sure you have gap insurance.

For our story, many years later, our credit is still in the toilet, even though we eventually settled with the finance company. We have a used, poor condition van we use only when we have to and our kids thankfully ride the bus to school for now. Without reliable transportation I lost my job and have been unemployed and now collect government assistance to barely take care of my family. This story does not have to be your own.

Full Coverage? Guess Again.

How can you get Gap Coverage?
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Why Read About It?
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"I found out my coverage was anything but complete!"

The loss of our car, $5000 plus interest, and the negative impact on our credit and our lives is something we will never forget. We had thought nothing like this could have happened.

We were not at fault for the accident. We had what we considered to be full and complete coverage. We were never told about this extra coverage.

If anyone found this information useful and would like to thank us, any small donation, even $1 will help us keep this website up.

Anything above our hosting costs would go towards helping our family recover from not having gap coverage in the first place and would be greatly appreciated.

© 2016 Gap Coverage