Compass GAP Waiver
In the case of a total loss, automobile insurance typically covers only the cash or market value of the vehicle.
In many cases, this amount is significantly less than the amount the customer owes the finance company on the
retail installment contract. This results in a financial gap. Compass GAP helps protect the customer in this instance.
Features & Benefits
- In the event of a total loss to the covered vehicle, Compass GAP is designed to waive the difference between the customer’s vehicle’s cash value (as determined by the primary insurer) and the balance of the customer vehicle finance agreement.
- “Settlement” coverage, which provides more benefit to the customer by using the primary insurance company’s actual cash value rather than the “book value” when determining total loss waiver benefit.
- Waives up to $1,000 of the customer’s primary insurance deductible.
- No mileage limitations.