This coverage can be added to your vehicle loan to protect against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered. Since a vehicle’s value declines due to depreciation, the loan balance can be higher than its Actual Cash Value. Without GAP Plus coverage, you would be responsible for paying the difference between the insurance settlement and the outstanding loan balance.
What other benefits does GAP Plus provide? If you purchase a new vehicle to replace the totaled one and finance the vehicle with WEPCO, GAP will apply $1,000 toward the new auto loan. Deductible assistance provides financial relief when your vehicle is damaged, but not deemed a total loss. If auto repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.
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Certain eligibility requirements, conditions, and exclusions may apply. Check our Fee Schedule for pricing.