If your vehicle is ever declared a total loss due to an accident, theft, or natural disaster, the amount your insurer pays may fall short of your finance agreement balance. That financial “gap” and your primary insurance deductible can add up to thousands of dollars.
Volkswagen Drive Easy Guaranteed Asset Protection (GAP) may help by waiving some or all of the difference between your primary insurance settlement and the outstanding balance on your vehicle finance agreement. GAP may also help provide coverage for your insurance deductible, subject to the terms and conditions of the program. It’s your best bet for added protection in a worst-case scenario.
Gap benefits:
Waives some or all of the difference between your primary insurance settlement and the outstanding balance on your vehicle’s financing due to a covered total loss
No maximum dollar amount on covered losses waived
Includes waiver of up to $1,000 for your primary insurance deductible
Transferable to another private party for a fee if your finance agreement is assumed
Cancelable at any time, subject to a fee after 30 days
GAP is not available for purchase on a lease vehicle.
How GAP helps protect your investment:
Here’s an example of how a GAP product may help cover a vehicle declared a total loss: Insurance assessment of vehicle market value at time of total loss: $26,000 Primary insurance deductible: – $1,000 Market value of vehicle less primary insurance deductible: $25,000 Outstanding finance agreement balance at time of total loss: $30,000 Potential amount you owe: = $5,000 Waived by GAP: – $5,000 Out-of-pocket expenses with GAP : $0
The example above is for illustrative purposes only. Actual GAP Waiver Benefit calculations will vary based on your specific circumstances and may not result in a GAP Waiver Benefit.
GAP Plus:
In addition to the GAP benefits above, with GAP Plus, you’ll receive a $1,000 credit toward the purchase of a replacement vehicle at your original selling dealer.
Here’s an example of how you are protected by a GAP product if the vehicle is declared a total loss:
Insurance assessment of vehicle market value at time of total loss: $26,000 Primary insurance deductible: – $1,000 Market value of vehicle less primary insurance deductible: $25,000 Outstanding finance agreement balance at time of total loss: $30,000 Potential amount you owe: = $5,000 Waived by GAP: – $5,000 Out-of-pocket expenses with GAP: $0 GAP Plus Benefit: + $1,000
The example above is for illustrative purposes only. Actual GAP Waiver Benefit calculations will vary based on your specific circumstances and may not result in a GAP Waiver Benefit. Primary insurance deductible coverage is available up to $1,000 and may not be available in all states.
Coverage exclusions may apply:
Any amounts or terms exceeding the program maximum limits listed under “GAP benefits” or “GAP Plus benefits” or in your Addendum
Any amounts owed on your vehicle finance agreement resulting from late fees, due date changes, or from missed, delinquent, or skipped payments
Total losses resulting from dishonest, fraudulent, or illegal acts (such as DUI) by customer, customer’s family member, or other person acting under customer’s authority
Vehicles used for competitive racing or for a prohibited commercial purpose, including, but not limited to, ride share services
If the customer has refinanced the vehicle finance agreement
Deductions taken by the primary insurer, such as prior damage, salvage, missing items, excess towing, customer equipment, and storage
Volkswagen of America, Inc., believes the information and specifications in this website to be correct at the time of publishing. Model specifications provided may vary based on selected trim, options, and installed accessories. Specifications, standard features, options, fabrics, accessories and colors are subject to change without notice. Some features may be unavailable when your vehicle is built. Some vehicles are pictured with options that may be available at extra cost or may not be available on some models. Ask your dealer about the availability of options and verify that the vehicle you ordered includes the equipment you ordered.
Computer generated image shown. Images of vehicles are for illustrative purposes only. Please see dealer for details and availability.