Wise F&I

Frequently asked questions about GAP (Guaranteed Asset Protection)

Q: What is GAP?
A: GAP stands for Guaranteed Asset Protection. This is coverage that provides financial security for customers. When a vehicle is purchased, the value of it immediately drops, causing the customer to owe more money on the car than it is actually worth. Therefore, if the vehicle is totaled, the potential exists for the insurance company to offer a settlement that does not even cover what is left to pay on the loan, creating a "gap." GAPWise covers this difference.

Q: What does GAP not cover?
A: Depending on the coverage, GAP does not cover commercial vehicles, motorcycles, boats or vehicles that are financed or have an MSRP over $100,000. Please ask us about options that may allow these vehicles to be covered.

Q: Does GAP cover total loss due to theft?
A: Yes.

Q: What makes GAPWise different than othat GAP companies?
A: GAPWise introduced GAP protection to the American market over 20 years ago, growing and developing into the industry leading GAPWise protection.  From this foundation, Wise F&I has grown, with pride - delivering the most comprehensive automotive finance and insurance products available today.  We believe in giving consumers the best protection possible when it comes to their most valuable assets. 

Q: How do you file a claim?
A: After your primary insurance company declares your vechile a total loss, detailed information must be provided to our Claims Department within 90 days of the vehicle being declared a total loss. We do the rest of the work and keep the customer informed of the progress of their claim. For more information on what is needed to file a claim, see our claims information section.

Q: When can GAP be purchased?
A: GAP can only be purchased at the time of the vehicle purchase.