Tricare Loss Protect (GAP)
Closes the “GAP” between your auto insurance payout and the full balance owing on your vehicle finance contract following a total loss.
Protects You From the Risk of Negative Equity
Negative equity occurs when the amount still owing on the finance contract is greater than the amount paid out by your insurance company in the event of a total loss. This difference is often referred to as the “GAP.”
A vehicle can be declared a total loss when:
- The cost to repair it exceeds the assessed value of the vehicle
- The vehicle is so damaged that repairing it is deemed unsafe
- The vehicle is stolen and not recovered
In the unfortunate event your vehicle is deemed a total loss, Tricare Loss Protect saves you from incurring large out-of-pocket expenses by covering the “GAP” between what your insurance company pays and the balance you may owe on your finance contract.
Tricare Loss Protect
Closes the GAP