Protect the Full Value of Your Car with Gap Insurance
GAP Insurance protects you from paying for a car that you no longer have because of an accident or theft. In the event that your car is totaled in an accident or stolen, your insurance company will only pay for the market value of the car you lost. Unfortunately, many car owners owe more on their car loans than their cars are worth, meaning that their insurance payout will not fully pay off their car loan if they lose their car for some reason.
Innovative Funding Services (IFS) doesn’t leave borrowers unprotected. We recommend GAP Insurance (Guaranteed Asset Protection) which pays the difference between the outstanding loan amount on your car and your vehicles actual market value. Additionally, when your car is totaled in a crash or stolen, GAP will cover your insurance deductible up to $1,000, protecting you from having to pay to get your insurance money.
GAP Insurance can save borrowers thousands of dollars. With GAP Insurance, you have no need to roll “negative equity” (or debt from old car loan) into your next car loan because you could not pay off your car after losing it in an accident or to theft.
Around 80% of the vehicles on the road today are worth less than the amount owed on them, meaning GAP Insurance will likely provide protection for you, especially if you do not plan on paying your car loan off quickly.
You can bundle GAP Insurance from IFS into your auto loan financing or you can buy a plan as a standalone purchase.