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Guaranteed Asset Protection (GAP)

If the vehicle you financed through HVCU is in an accident or is stolen, your primary insurance carrier will only cover the actual market value of the vehicle at the time of the loss – which may be less than what you own on your loan. Should your insurance carrier deem your vehicle a total loss, Guaranteed Asset Protection reimburses the difference between the actual / market value of your vehicle and what you owe on your loan.

  • Available for a one-time fee triangle
    Available for a one-time fee of $349 for auto, truck, van, and motorcycle loans.
  • after your loan is funded triangle
    Can be purchased before, during, or after your loan is funded.
  • Cost of insurance triangle
    Cost of insurance can be added to your loan amount.

Get Started


Call us at 845.463.3011 or stop by any of our branches to arrange for GAP.

The value of any vehicle declines rapidly during the first few years of ownership as a result of depreciation. In the event of an accident or theft, the average new car buyer could still owe thousands after an insurance settlement. You may not realize it, but even the best insurance will likely not cover the full amount of your outstanding loan balance.

  • GAP can be purchased for vehicles up to $100,000 in value and affords you $50,000 of coverage for out-of-pocket expenses
  • Up to 90 days after purchase to cancel with full refund
  • GAP coverage is underwritten by CUMIS Insurance Society, an “A”- rated insurance carrier
  • While GAP protects you against out-of-pocket expenses, New York State law does not permit GAP coverage of the deductible on your primary insurance policy.
  • Non-protected advances are also excluded. Your GAP contract will list the full exclusions.