Gauranteed Assest Protection (GAP)

Guaranteed Asset Protection (GAP) is a voluntary protection product designed to cover the difference between a vehicle’s outstanding loan or lease balance and the amount paid by the primary insurance carrier in the event of a total loss.

Because vehicles depreciate quickly—often faster than loan balances decline—customers can be left responsible for a significant “gap” after an accident or theft. GAP Protection helps eliminate or substantially reduce that out-of-pocket exposure.

Vehicle depreciation begins the moment a vehicle leaves the lot. In many cases, insurance settlements reflect the vehicle’s actual cash value at the time of loss—not the remaining loan balance.

Without GAP Protection, customers may face:

• Thousands of dollars in remaining loan or lease balance
• Out-of-pocket deductible expenses
• The financial burden of paying for a vehicle they no longer own

GAP Protection provides financial certainty during one of the most stressful moments in a customer’s vehicle ownership journey

At Wefigo, GAP is not a one-size-fits-all product. We design GAP programs that align with your specific:

• Customer profile and risk tolerance (e.g. average vehicle age and average LTV)
• Profitability objectives (e.g. upfront margin or long-term wealth building)
• Distribution model (e.g. dealer, lender, digital, embedded)
• Compliance and regulatory framework (e.g. state and federal guidelines on GAP eligibility and pricing)
• Added or bundled benefits (e.g. including identity theft protection in GAP product)