AdvantageGap

     The GAP insurance available through the Independent Advantage® Online Loan Program, unlike many similar products, is true insurance. AdvantageGap protects the insured borrower from the financial risk that occurs when the balance on a car loan (or lease) exceeds the ACV settlement made by the physical damage insurer at the time of a total loss. Contemporary loan terms and economic factors have made this exposure a more serious one for your customer than it once was.

Coverage is underwritten on admitted paper by the Hartford with Independent Financial Services® as the named insured. The loan customer is an insured by definition. Coverage is available for new and used cars at the time that they are financed through the Independent Advantage® Online Loan Program.

The insured borrower also benefits from reimbursement of the portion of the deficiency caused by their deductible up to $1000.00 and an extra $1,000 cash payment.

The premium is a one-time charge, and the coverage term is the life of the loan.

Gap Claim Examples:

Vehicle	'95 Ford F150	'97 Chevy C2500	'95 Ford Mustang
Pay Off	$14,313	$18,315	$7,036
Settlement	-$10,671	-$14,159	-$3,900
Gap	$3,642	$3,352	$3,136
Deductible	+500	+500	+500
Cash	+1000	+1000	+1000
Total Gap Claim	$5,141	$4,852	$3,363

As the above examples demonstrate, AdvantageGap is a sound risk management strategy. The customer in the above examples were grateful to their agents for informing them of this valuable coverage.

AdvantageGap is another example of the quality products and services brought to you by The Independent Advantage® Online Loan Program.