GAP Coverage


A vehicle's value often declines much faster than a loan or lease balance. If a borrower's car becomes a total loss due to an accident or unrecovered theft, he or she may be in for a very unpleasant surprise.

The insurance settlement check can be several thousand dollars less than the remaining loan/lease balance. This deficiency balance is often very difficult to collect for the lender as well. That is when GAP coverage can help.

At Southeastern Underwriters, Inc., we have spent a considerable amount of time developing an industry leading online Gap Administration Program that is extremely simple, efficient, and easy to use for the lending officers while at the same time flexible, easy to use, but powerful for your operational department needs. For more information or an online demonstration email us at GAPADMINISTRATOR@SEUNDER.COM or call toll free 866-266-7205. To submit an application for the program click “Fill out a GAP Application” under Product Quotes, complete the online application and a representative will contact you shortly or select “Print a Blank GAP Application”  to print and complete and fax an application to 1-866-865-6914.

Guaranteed Asset Protection  - Gap Insurance

  • Covers deficiency balance after a vehicle sustains a total Physical Damage loss or Unrecovered Theft.
  • Pays the difference between Net Unpaid Balance and the Primary Insurance Company's ACV settlement.
  • Programs for loans, leases and balloon notes
  • Covers both new & used vehicles
  • High limits, up to $50,000 per loss
  • Flexible rating methods: monthly outstanding balance; flat charge; annual or monthly per vehicle rate.
  • Can be offered on a selective (you choose the loan or lease) or discounted "blanket" basis

Optional Coverages

  • Borrower deductible ($500 or $1,000 limits)
  • Payment in excess of Gap ($1,000 or higher)