Gap (guaranteed asset protection) may be sold through dealers, lenders, or insurers — terms and refunds vary. It does not replace collision/comprehensive; it addresses a loan/lease math problem after a total loss. TennSure doesn’t sell gap products; learn the concept before you sign finance paperwork.
Gap Insurance
- What it means
- Coverage that may help pay the difference between what you owe on a vehicle loan or lease and the vehicle’s actual cash value after a total loss.
- Tennessee example
- Your financed truck in Memphis is totaled; the ACV settlement is less than the loan balance — gap coverage is the product people discuss for that shortfall.
- Why it hits your wallet
- New-vehicle depreciation can outrun loan paydown; gap is about the leftover note, not 'full coverage' marketing.