What does Gap Insurance Cover?
• Guaranteed Asset Protection (GAP) Insurance provides loan settlement coverage. The GAP Plus program helps pay the difference between the member’s insurance settlement and the outstanding loan balance (the “gap”) if the protected vehicle is stolen and not recovered, accidentally damaged beyond repair, or otherwise declared as a total loss. It also covers the primary deductible up to $1,000. The GAP Plus program additionally provides a $1,000 down payment benefit for a replacement vehicle if financed at Ohio Catholic.
