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This page was printed from: https://www.farmbureaubank.com/VehicleLoans/GAPCoverage |
Guaranteed Asset Protection (GAP)
Guaranteed Asset Protection (GAP) protects you against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered.
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Guaranteed Asset Protection (GAP) Highlights
The value of a vehicle (the ACV, or Actual Cash Value) declines rapidly during the initial phase of ownership, while the loan payoff decreases in a slower, steadier manner. Thatʼs why Guaranteed Asset Protection (GAP) is a valuable benefit in the event of total loss or unrecovered theft – especially during the first few years of the loan. GAP helps the borrower avoid the agony of paying out-of-pocket for a total loss that occurs when primary insurance only covers replacement value.
Protect yourself from the unexpected and choose Farm Bureau Bank GAP coverage during the vehicle application process. A single low fee as little as $249** can give you the coverage you want with the piece of mind you need.
** The purchase price for GAP may be fully refunded within 60 days of the effective date of coverage.
GAP Pricing
| Collateral | Max Loan Balance | Price |
|---|---|---|
| Autos & light trucks | up to $100,000 | $249 |
| Motorcycles, ATV’s, golf carts, snowmobiles & jet skis | up to $50,000 | $249 |
| RVs & watercraft | up to $24,999 $25,000 - $49,000 $50,000 - $125,000 |
$549 $899 $1,299 |
| Motor homes | up to $24,999 $25,000 - $74,999 $75,000 - $125,000 |
$549 $1,099 $1,399 |
GAP claim coverage does not extend to cover amounts from payments that are delinquent, extended or skipped (Holiday Skip Program) during the term of the loan. Maximum MSRP/NADA coverage: 125%. Limit of liability: $50,000. The purchase price for GAP may be fully refunded within 60 days of the effective date of coverage |
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 Equal Housing Lender. Farm Bureau Bank is an Equal Opportunity Employer. |