GAP Coverage

A new vehicle is a major purchase, one that you likely use nearly every day. On the road, accidents can happen, and over time wear and tear is inevitable. Citadel's GAP coverage can protect your investment by saving you money in the long run.

Guaranteed Asset Protection (GAP) Coverage

Citadel offers affordable GAP coverage at a cost of $399 so you can rest easy knowing you’re covered if the unthinkable happens.

In the unfortunate event that your car is totaled or stolen, insurance policies typically only cover the replacement value, or “cash value” of the vehicle. Having coverage is great, but your balance on the auto loan could be more than the car’s current value, leaving you to pay off the loan on a destroyed or lost car.

GAP coverage pays all or part of the difference between what your insurance agency will pay and what you owe on your car – the “gap.” There is often a maximum loan to value ratio, which is usually the amount you financed compared to the value of your vehicle at the time of your loan.

GAP coverage purchased after the vehicle has been financed would be effective the date of coverage purchase, using the loan term and loan amount valid as of that date.

Citadel’s GAP Coverage:

• Is available for all drivers, with a Citadel loan for a new or used vehicle
• Waives all or part of the “gap” between what your insurance company will pay and what you owe
• Enhances your current insurance policy with additional coverage