Many vehicle owners are shocked to learn that their primary insurance does not always cover the entire amount still owing on the vehicle. This can leave you with a deficiency between the amount of the primary insurance pay out and the outstanding balance on your loan. We call this deficit, the “GAP”.
Traditional Guaranteed Asset Protection (GAP) Insurance provides the first layer of protection on the shortfall between the remaining loan balance on your vehicle, and the insurance settlement you might receive from auto insurance policy. This essentially puts you in a break-even situation…but you still need to get a new vehicle.
Enter TRC (Total Replacement Covered Powered by GAP RS). In addition to what traditional GAP pays, TRC is a replacement subsidy, so that you can not only settle the original financing, but you now receive a credit toward the purchase of the same or similar vehicle that you originally purchased including coverage for the increased MSRP due to inflation.
Get in touch to arrange a free consultation.