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We hope it never happens to you, but if your smart fortwo is ever declared a total loss due to a theft, collision or natural disaster, there could be a significant difference between the amount your insurance company will cover and the amount due on your finance contract.
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Standard comprehensive and collision auto policies only cover your vehicle's "fair market value" (when permitted by law), which could be far less than the amount you need to pay off your loan.
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With our guaranteed asset protection (GAP) plan, we'll cover the difference between your outstanding loan balance and the value of your smart fortwo if it is ever declared a total loss.*
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We'll even reimburse you for up to $1,000 toward your primary insurance deductible.**
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Consider this scenario:
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You purchase a smart fortwo for $15,000. Seven months later, an unforeseen event takes place and
your vehicle is declared a total loss.
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| $14,000 (Loan payoff amount) |
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| -12,000 (Market value) |
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| $2,000 (GAP amount) |
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| +1,000 (Insurance deductible) |
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| $3,000 (Total potential out-of-pocket expense) |
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| -3,000 (Amount covered by GAP) |
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| $0 (Amount you owe) |
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By adding just a few dollars to your monthly vehicle payment, you will protect your financial investment and gain added peace of mind.
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For additional details about GAP and other exciting protection plans available for your smart fortwo, talk to your smart center representative.
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*GAP payments do not include interest or finance fees incurred after your date of loss, any late payments, deferred payments, late charges/interest or any refundable portions for products/services financed in connection with your vehicle purchase. GAP is limited to 150% of the manufacturer's suggested retail price of your smart vehicle at purchase. GAP may not be available in all states.
The value of your smart fortwo is determined by either your insurance provider or the National Automobile Dealers Association (NADA) Retail Value of the vehicle, whichever is greater on the date of the total loss. In the event your insurance company's settlement amount is less than the NADA Retail Value of your vehicle at the time of loss, you will be responsible for any deficiency balance owed to your lienholder.
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** The insurance deductible may not be paid in all states. Please see your GAP Policy/Certificate of Insurance for details.
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GAP is only available at the time you sign your original finance contract with the dealership.
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This brochure is intended solely as a summary of an optional product called guaranteed asset protection (GAP) plan (subject to program exclusions, limitations and conditions). For those states where GAP is insurance, it is provided by Virginia Surety Company, Inc.
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