Jump to main content

GAP Protection

Guaranteed Asset Protection (“GAP”)

Why GAP Insurance?  When you borrow to buy a vehicle, its’ value falls faster than the loan balance, particularly in the first couple of years.  You may have heard this described as being “upside down”.

If your car were stolen or “totaled”, your vehicle insurance settlement may be much less than the balance owed on your loan.  GAP insurance covers the difference between the value of the car and the contractual loan balance.  Without GAP insurance, you would be required to continue paying for the unpaid balance which may impair your ability to get a new loan.

GAP insurance will even pay you an additional $1,000.00 if you purchase another vehicle with GAP insurance and finance it with R-S Bellco.  Talk to our loan officers to hear some real life examples of how members benefited from GAP insurance.