GAP Coverage
Protect your auto investment
What is GAP Protection?
Planning for worst-case scenarios can be tough, but if your vehicle is stolen or declared a total loss, your insurance settlement may fall short of covering your remaining loan balance. This financial gap can lead to added stress. To protect you from this burden, we offer GAP Protection. This bridges the gap and helps cover the remaining loan balance not covered by the insurance company. Many of our plans also provide deductible assistance, allowing you to recover up to $1,000 of your deductible when you file a claim!
Call us for a free quote: 801-456-7590
What does GAP cover?
If your car is totaled and the insurance settlement falls short of paying off your loan, GAP coverage can step in to help cover the difference. For instance, if you owe $25,000 on your loan but receive a $20,000 settlement, you’d be left with a $5,000 balance. With GAP coverage, that remaining amount is taken care of. Additionally, GAP includes Deductible Assistance, which refunds up to $1,000 of your car insurance deductible per incident.
GAP Advantage Benefit
If your vehicle is totaled while your loan is outstanding, we’ve got your back. GAP provides $1,000 towards your replacement vehicle. To receive the benefit, finance your new car with Deseret First within 120 days of your insurance settlement. Even if your insurance settlement covers your loan, GAP Plus is available for additional peace of mind.
Member Benefits
- Deductible Assistance of up to $1,000 per incident; you may claim this up to two times within a 12 month period.
- $1,000 towards the balance of your replacement vehicle’s loan financed at Deseret First, if your covered vehicle is totaled while your loan is outstanding.
- Helps payoff the remaining balance of your loan after a total loss.
- Helps you avoid financial hardship and afford a replacement vehicle.
- Prevents deficiency from being added to a new loan.
- Helps protect your credit rating.
- Low cost protection with a full refund within 90 days.
- Add the GAP cost into your loan, so there’s nothing out of pocket.
- Easily add GAP coverage to a loan at any time.
For questions, to apply, or file a claim, call 801-456-7590 or 800-326-3328. Available weekdays: 8am-6pm, Sat: 9am-2pm. Additionally, you may visit any Deseret First Branch.