OWE MORE THAN YOUR CAR’S WORTH?
If your auto loan has a high loan-to-value (LTV) ratio, you’d probably benefit more from Guaranteed Asset Protection (GAP).
Good to Know
- The Depreciation Protection Waiver (DPW) benefit won’t exceed the lesser of these 2 amounts: your Maximum Waiver Benefit and your loan balance at the time of total loss. Your Maximum Waiver Benefit can vary, depending on your level of coverage. You can find that amount in your waiver addendum, which you’ll receive when you purchase DPW.
- The primary applicant on the loan must be the one to file any claims, even if a joint applicant gets into an accident.