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 and the loan balance (less exclusions and subject to GAP maximums), to include reimbursing your insurance deductible up to $1,000. Benefits may include a refinancing incentive toward your next vehicle purchase financed within 90 days at Alaska USA.
You may download a GAP Election Form.
|RVs (Motor homes, travel trailers, and pickup/campers)|
|$25,000 or less||$395|
|More than $25,000||$495|
Download, complete, and return a Gap Election Form
Or contact Insurance Services
(907) 264-4700 or (800) 525-9094