Guaranteed Asset Protection (GAP)
Vehicles are expensive, but they depreciate in value. So it's not uncommon for an outstanding loan balance to be significantly higher than a vehicle's actual cash value, especially during the first few years of the loan. If your vehicle is totaled in an accident or stolen, your primary insurance settlement will be based on its actual cash value, not the outstanding loan balance. This may create a deficiency balance, or "gap," that you would have to pay out of your own pocket.
GAP cancels the difference between the market value of your vehicle (your insurance settlement) and the loan balance (less exclusions and subject to GAP maximums).
GAP cost per vehicle type