Too often, many drivers learn later than sooner that a standard auto insurance policy might not provide all the coverage needed. If the value of your vehicle is less than the balance of your auto loan, you're "upside down" on your loan, creating a gap that isn't covered.
Imagine the following scenario: A year after driving your new car off the lot, a record- breaking spring run-off carries it off your driveway. The amount you owe on your auto loan is $20,000. The vehicle's book value at the time of loss is $15,000. Your insurance deductible is $500, and the amount the insurance company is willing to pay you is $14,500. After all the reports and checks have been signed and the waters have receded, you are left with a $5,500 gap.
Gap protection covers that difference. With Complete Car Care, that difference is completely handled with gap coverage designed to eliminate the worry and financial headache. In fact, in certain situations, your insurance deductible may be covered as well.