Guaranteed Asset Protection (GAP) | Woodstone Credit Union | Federal Way Washington

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Guaranteed Asset Protection (GAP)

When shopping for a vehicle, consider purchasing GAP coverage. GAP, or Guaranteed Asset Protection, coverage is a supplement to your primary insurance.

Here’s how it works

When you purchase a vehicle, the value typically depreciates faster than your loan balance is reduced. If your vehicle is damaged beyond repair (totaled) or stolen, your insurance company will only pay the actual value of your vehicle at the time of damage/theft. So, the settlement you receive from your insurance company may not pay off the balance of your loan. Thus, you are left with an unpaid balance still owed to your lender. With GAP, the covered deficiency balance is waived.

  • New and pre-owned vehicles eligible
  • Covers insurance deductible up to $1,000

Get a Quote Today

Woodstone offers GAP and MBP coverage at a significant savings over the cost of the coverage sold at dealerships. Ask a loan representative for more details and get your free quote today.