Marine GAP Protection Program
All risk protection: Fire, theft, collision, or any insured peril
Protection for new and pre-owned boats and trailers
Protection for the term of the loan or customized for the time you need it the most
Very affordable - Minimal monthly cost
All programs are fully insured by A-rated Insurers
Without GAP Protection, You May Have To Pay For Your Boat and Trailer After It’s Gone.
Many boats and trailers are totaled each year by collision, grounding, sinking, theft and natural disasters. Unfortunately, many customers are surprised to learn that their insurance settlement is thousands of dollars less than what they still owe on their loan. Why?
The market value of your new vehicle starts to depreciate the moment you take possession, and for the first few years of ownership, is likely to continue to depreciate faster than the balance of your loan.
There’s a good chance that if a total loss happens to you, you will still be held responsible for the difference between the insurance settlement and your remaining loan balance.
Money that comes out of your pocket!
PROTECT YOUR INVESTMENT!
For a very affordable cost, you can protect yourself against a potential financial burden, and safeguard your hard earned credit.
Just ask your dealer about purchasing a GAP Addendum.
GAP Protection is a simple concept. It is an agreement between you and your lender to waive the difference between your outstanding loan balance and the actual cash value of your boat and trailer on the date of loss (typically your primary insurance settlement).
Loan Amount: $12,000
Term: 60 months
Loss Date: 36 months
Loan Payoff: $7,500
You Still Owe: $2,500
GAP Benefit: 2,500
Out-of-Pocket Expense With GAP Protection: $0
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