GAP Insurance

Walkaway Total Loss Protection

Helping protect drivers when insurance coverage may not be enough.

When Your Vehicle Is Written Off, There May Be A Financial Gap

GAP Insurance, also known as Total Loss Protection, is designed to help cover the difference between your primary insurance settlement and the remaining balance owed on your vehicle loan or lease.

The Gap Insurance Difference

Primary Insurance Settlement Lower
Remaining Loan / Lease Balance Higher
Potential Out-Of-Pocket Gap Covered
Without GAP Insurance, you may still owe money on a vehicle that has been stolen or written off.
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Fire

Coverage support if your vehicle is declared a total loss due to fire damage.

🔑

Theft

Protection if your vehicle is stolen and not recovered.

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Flood

Support when water damage results in a total vehicle loss.

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Accident

Helps cover the financial gap after a serious collision or write-off.

Why GAP Insurance Matters

Vehicles can depreciate faster than the amount owing on a finance or lease agreement. If your insurance company pays the current market value of the vehicle, that amount may be less than your remaining balance.

Total Loss Protection helps reduce the financial impact of a total loss by assisting with the shortfall between the insurance payout and the loan or lease balance.

Low down payment may increase exposure.

Longer financing terms may create a larger gap.

Negative equity can increase the balance owing.


How the GAP Can Happen

Time of Loss Outstanding Vehicle Balance Vehicle Value at Time of Loss GAP Term Vehicle Value

Ask Mark Rainford Auto Centre About GAP Insurance

Learn how Walkaway Total Loss Protection can help protect you from unexpected financial loss after theft, fire, flood, or a serious accident.

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