GAP Protection for Your Boat Investment
As Low As $8.50/month*
GAP DEFENSE™ provides coverage in the event of a total loss of your boat due to accident or theft. In the event of a total loss, theft, or irreparable damage to your boat, GAP protection steps in to cover the difference between the boat’s actual cash value and the remaining loan balance.
Great Protection Includes:
- Coverage up to 120 months for GAP Policy
- Coverage up to 135% of the MSRP
- Coverage up to a maximum loan amount of $250,000
- Coverage up to $50,000 for a maximum claim payout
- Coverage for primary protection deductible up to $1,000
- Coverage up to 14 years on boats
The Importance of GAP Protection
Boat depreciation is a reality, and if your boat is financed, it can create a gap between the outstanding loan balance and the actual value of your boat. In the event of theft, total loss, or an accident, this gap can leave you responsible for paying off a loan for a boat you no longer possess. GAP protection protects you from this financial burden.
How GAP Protection for Boats Works
GAP protection for boats is a specialized protection policy that covers the "gap" between the actual cash value of your boat and the outstanding loan balance. It helps bridge the difference and protects you from potential financial loss in the event of a total loss. It helps you avoid the financial strain of paying off a loan for a boat you no longer possess.
Benefits of GAP Protection for Boat Owners
Investing in GAP protection for your boat offers several benefits, including:
- Financial Protection: GAP protection ensures you are not left with a significant loan balance if your boat is declared a total loss.
- Peace of Mind: Enjoy your boating adventures with confidence, knowing that you are financially protected.
- Enhanced Coverage: Supplementing your standard boat protection with GAP protection provides comprehensive protection.
- Loan Balance Protection: GAP protection safeguards you from the potential financial burden of an outstanding loan balance.
Factors to Consider When Choosing GAP Protection
When selecting GAP protection for your boat, consider the following factors:
- Coverage Details: Review the policy to understand what is covered, including any limitations or exclusions.
- Claims Process: Evaluate the ease and efficiency of the claims process, including the provider’s reputation for handling claims.
- Provider Reputation: Research the reputation and customer reviews of the GAP protection provider.
- Premiums and Deductibles: Compare the premiums and deductibles offered by different providers to find the most competitive option.
Tips for Boat Ownership and Protection
In addition to GAP protection, here are some tips to protect your boat investment:
- Secure Storage: Store your boat in a secure location when not in use to minimize the risk of theft or damage.
- Regular Maintenance: Keep up with routine boat maintenance to ensure optimal performance and longevity.
- Safe Operation: Follow boating safety guidelines and operate your boat responsibly to reduce the risk of accidents.
Contact Us Today to Learn More About GAP Protection for Boats and Get a Free Quote
Frequently Asked Questions About GAP Protection for Boats
Is GAP protection only available for new boats?
GAP protection is available for both new and used boats, depending on the protection provider.
Can I purchase GAP protection if I paid for my boat in full without financing?
GAP protection is typically only available for boats with an outstanding loan balance.
Does GAP protection cover all types of boat loans?
GAP protection can cover various types of boat loans, including retail installment contracts and leases.
Can I add GAP protection to my existing boat protection policy?
GAP protection for boats is typically a separate coverage and cannot be added to an existing boat protection policy. It is a specialized protection product that specifically covers the “gap” between the actual cash value of your boat and the remaining loan balance in the event of a total loss. You may need to contact your protection provider or a separate GAP protection provider to obtain coverage.
How is the actual cash value of a boat determined for GAP protection purposes?
The actual cash value (ACV) of a boat is typically determined based on several factors, including its age, condition, market value, and depreciation. In the context of GAP protection, the ACV is the value used to calculate the “gap” between the boat’s value and the remaining loan balance. Protection adjusters or appraisers may consider factors such as comparable boat sales, market trends, and the boat’s overall condition to determine its ACV.
Is there a maximum loan balance limit for GAP protection coverage?
Yes, there may be a maximum loan balance limit for GAP protection coverage. This limit can vary depending on the protection provider and the specific terms of the GAP protection policy. It is important to review the policy details and consult with the protection provider to understand any limits or restrictions that may apply to your coverage.
*Actual rate can vary depending on loan term and APR, or Annual Percentage Rate. Trident Funding LLC markets and sells GAP protection on behalf of 3rd party providers and your GAP protection will be between you and the provider. Coverage, deductibles, and claims payment vary depending on vehicle age, mileage, preexisting conditions and program selected. Repairs can be made by any licensed repair facility. Program(s) available in most states. Not available in California or Florida. You consent to be contacted by email, phone, and/or text once we receive your quote submission. Texas and Wisconsin Residents: Contracts administered by Tire Shield, Inc., P.O. Box 98298, Las Vegas, NV 89193-8298. Vehicle names, logos, brands, & other trademarks featured or referred to within Trident Funding are property of their respective trademark holders. Extended warranties may not be sold where prohibited by law.
