GAP Insurance
— Protect Yourself From Car Loan Surprises

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What happens if your car is totaled — but you still owe thousands on your loan? COVER AI has the answer: GAP Insurance.

GAP (Guaranteed Asset Protection) insurance covers the “gap” between what your car is worth and what you still owe on your auto loan or lease. It’s an essential protection for new cars, leases, or buyers with small down payments.

What Is GAP Insurance?

This type of commercial auto insurance is built for work trucks, vans, and utility vehicles used by contractors and tradespeople.

Scenario:

Car is totaled or stolen

Without GAP Insurance

Insurance pays actual cash value (ACV), but you owe the difference to your lender.

With GAP Insurance

COVER AI pays the difference between ACV and loan balance — you owe $0.

Example:

Your car’s ACV = $20,000.
Your loan balance = $26,000.
Without GAP → You owe $6,000 out of pocket.
With GAP → COVER AI covers the $6,000 gap.

Why You Might Need GAP Insurance

New or Recently Financed Cars

New cars depreciate fast — often 20–30% in the first year.

Small Down Payments

If you put little or no money down, you’re more likely to owe more than the car’s value.

Leased Vehicles

Many lease agreements require GAP insurance.

Long-Term Loans

Loans over 60 months increase the risk of negative equity.

Who Should Consider GAP Insurance?

Why Choose COVER AI?

Frequently Asked Questions

Is GAP insurance required?

It’s optional, but often required for leased vehicles.

Does it cover mechanical repairs?

No — it only covers the loan/lease balance if the car is totaled or stolen.

How do I add GAP insurance?

COVER AI makes it easy — just ask, and we’ll include it in your quote.

Ready to Close the GAP?

Don’t let a totaled car leave you in debt.
Get a free GAP insurance quote from COVER AI today.

Get My Free Quote

Call us:

+1 (312) 395-0872

Cover AI LLC Insurance Agency License No: 3003609556

E&O Insured by biBERK, Berkshire Hathaway | Surety Bond: Travelers $50,000

3400 Dundee Rd, Suite 150, Northbrook, IL 60062

info@coverai.net

+1 (312) 395-0872

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Cover AI LLC
3400 Dundee Rd,
Suite 150,
Northbrook, IL 60062
(312) 395-0872
info@coverai.net
NPN 21552626
License #3003609556

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GAP Insurance — Protect Yourself From Car Loan Surprises