Question: If you’re involved in an accident and owe more than your vehicle is worth, who is responsible for the difference?
Answer: You are! As your vehicle gets older, the actual cash value (ACV) declines, while your loan balance may remain higher than what the insurance company will pay you. You are then liable for the difference between what the insurance company pays you and what you owe. Many people do not realize that they are responsible for that balance owed on the vehicle.
NSD GAP Protection waives the difference between the amount owed* on your retail installment sales contract/lease agreement and the actual cash value on your vehicle at the time of a total loss. In many states, even your deductible is covered!
* See contract for exact coverages, exclusions and limitations.