GAP PLUS

PROTECT YOUR INVESTMENT:

You have worked hard and invested a significant amount of your money in your vehicle.  This is your equity.  In the event your vehicle suffers a total loss and is written off, you could lose your equity as your primary auto insurance policy may only pay you the depreciated market value of your vehicle

VEHICLE DEPRECIATION

WHY PURCHASE OPTIOM’S GAP PLUS PLAN?

GAP PLUS protects the equity in your vehicle and contributes towards your loan/lease obligations in the event your vehicle is a total loss and written off by your primary auto insurer.  It also provides additional benefits in the event your vehicle is damaged and repairable.

Coverage is available up to seven years, whether you purchase or lease a new vehicle, and up to five years if you purchase or lease a used vehicle.  It is a comprehensive protection plan that covers what your primary auto insurance policy doesn’t.

GAP PLUS:

  • Contributes to the cost of an equivalent model replacement vehicle if your vehicle is a total loss and is written off.
  • Protects the equity you have invested in your vehicle and protects against inflation in the price of a replacement vehicle.
  • Pays any outstanding amount owing to your lienholder, to the limit of the benefit, in order to discharge your loan or lease obligations, and pays any residual credits towards the cost of your replacement vehicle.
  • Ensures that if your vehicle is repairable, repairs will be done using only specified new original equipment manufacturer replacement parts (New Vehicles only).
  • Reimburses your deductible in the event of a total loss.

WHAT YOU COULD LOSE IF YOUR VEHICLE IS WRITTEN-OFF ?

Will you have enough money to replace your vehicle if it is a total loss and is written off by your primary insurer?  Your primary insurer may not cover the amount owing on your vehicle loan/lease, not to mention providing you with any equity towards your replacement vehicle.  GAP PLUS ensures you don’t lose your financial investment along with your car.

Consider these examples of the GAP PLUS plan

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GAP PLUS COVERAGE SUMMARY

NEW VEHICLES

TOTAL LOSS BENEFIT
GAP PLUS will pay the difference between the depreciated value of your vehicle and the MSRP of the brand new, equivalent model replacement vehicle:

  • Up to $80,000 in addition to the amount you receive from your primary auto insurer.
  • Up to 84 months coverage.

PARTIAL LOSS BENEFIT
If your vehicle can be repaired and the damage are covered by your primary auto insurance policy, GAP PLUS will pay for specified new OEM genuine replacement parts:

  • Up to $10,000 per year in addition to the amount you receive from your primary auto insurer.
  • Up to 60 months coverage.
  • If you have to pay a deductible on your primary auto insurance policy, GAP PLUS will reimburse you up to $500 if your car is written off.

All coverage is subject to the terms and conditions of the insurance contract. Check your Plan for details.

USED VEHICLES

TOTAL LOSS BENEFIT
GAP PLUS will pay the difference between the depreciated value of your vehicle and your original vehicle’s purchase price:

  • Up to $60,000 in addition to the amount you receive from your primary auto insurer.
  • Up to 60 months coverage.
  • If you have to pay a deductible on your primary auto insurance policy, GAP PLUS will reimburse you up to $500 if your car is written off.

All coverage is subject to the terms and conditions of the insurance contract. Check your Plan for details.

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