GAP is designed to relieve you of the responsibility for the remainder of the loan balance that your primary insurance carrier may not cover in the event of a write off or total loss. Essentially, GAP protects you from substantial loss.


What is GAP insurance and why do you need it?

GAP insurance is designed to relieve you of the responsibility for the remainder of the loan balance that your primary insurance carrier may not cover in the event of a write off or total loss. Essentially, GAP protects you from substantial loss.

Purchasing a vehicle is one of the largest investments you will make in your lifetime. No matter what your income bracket, previous credit history or current financial situation, being faced with a financial gap could be a serious problem. Typically, your primary insurer will settle based on actual cash value (ACV), not how much you may still owe on your vehicle!

What happens in the event of a total loss due to theft, accident or otherwise? Think you are protected?

Most consumers will be startled to discover that in the event of a Total Loss, insurance companies will generally only reimburse you for the ACV of your vehicle - not the amount that you still owe on your vehicle loan!

GAP protects you and your family by providing coverage that your primary insurer may not in the event of a total loss.

GAP Insurance Benefits*

Here are just a few benefits of our financial GAP program. Please feel free to discuss any specific details with the Broker by calling 1-877-853-8783.

– Protection for new and used vehicles
– Coverage for terms up to 96 months
– Coverage is available for many types of vehicles, such as: passenger cars and light trucks
– Protection available for loan amounts up to $150,000
– Maximum coverage limit up to $40,000 including taxes

Questions & Answers

Where is the On Track GAP program available?
The On Track GAP program is available in all Canadian provinces and territories, except Quebec, Northwest Territories and Nunavut.

Does GAP replace my comprehensive or collision coverage?
GAP coverage compliments your existing primary auto policy. Your automobile policy with your primary insurer (with Section C, physical damage coverage) must be in force for the vehicle at the time of loss in order for On Track GAP program coverage to apply.

How do I pay for the GAP coverage?
Normally, GAP is financed in with your loan. The premiums for coverage are very reasonable.
If my primary insurance pays my loan balance in full does GAP reimburse me for any deductible, or pay my amount above the loan balance?
Deductible coverage is not part of our program. GAP is designed to help in the event of a settlement shortfall with your primary insurer. In some cases your primary insurer may pay the entire loan amount and not leave a "gap".

What if my car is stolen?
In Canada a vehicle is stolen every 3 minutes (according to the Insurance Bureau of Canada). In 2006 there were 170,000 vehicles stolen in Canada, in 2005 that number was 160,000. The recovery rate of stolen vehicles is less than 50%. You can protect your passenger car and light truck with Guaranteed Asset Protection, (GAP).

If your vehicle is totalled or stolen, your primary insurance company settlement in many cases may be significantly less than the outstanding loan balance. This may cause a “gap” resulting in a serious financial hardship for you and your family.

How do I report a claim?
Please see our claims page.

Our role is to provide you with the best insurance value that combines coverage, service and price. We also provide quality services that include insurance advice pertaining to our products and ongoing policy maintenance. Should any issues arise from your insurance coverage you can count on our professional experience to best represent your interests. Included in your premium amount are fee's for our brokerage and marketing fee's for our dealer partners, these fee's are inclusive within the policy premium quoted to you and are not additional to the premium amount quoted. Should you ever feel that you need to speak directly to a broker please call our office during normal business hours and someone will be more than happy to work with you and find a resolution to any situation you feel is not meeting or exceeding your expectations.

The information contained on this website is only an outline of coverages available and is not intended to be a legally binding agreement. For exact terms, conditions, limitations, exclusions and extentions, please refer to the final policy wording. This program is not available to residents of Northwest Territories, Nunavut and Quebec.