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Shield icon for Planet Motors Companion GAP Coverage

Companion GAP Coverage

Drive Smarter. Stay Protected.

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Bridge the Gap Between Your Insurance and Loan Balance

When your car is stolen or declared a total loss, your insurance typically pays only the actual cash value of the vehicle — which often doesn’t cover the full amount you owe on your loan or lease. This gap can leave you responsible for thousands out of pocket

Companion GAP Coverage protects you from this unexpected financial burden by paying the difference between your insurance payout and  your remaining loan or lease balance.

How It Works

  • Your insurer pays the vehicle's current market value after a total loss.
  • If your loan or lease balance is higher, GAP coverage covers the leftover amount. 
  • You avoid having to pay any remaining balance out of pocket.
Illustration of a car split in half one side is dark navy and the other side is lighter navy

Benefits of Companion GAP Coverage

  • Financial security: Protects your finances from large unexpected bills.
  • Peace of mind: Drive knowing you won't owe more than your car is worth.
  • Easy and automatic: Coverage attaches directly to your financing agreement.
  • Coverage term: Active but for the full length of your loan or lease.
Covered ✔
Not Covered ✕
Difference between insurance payout and loan/lease balanceDeductibles on your insurance policy
Theft or total loss due to collision, fire, or other covered perilsMissed or late loan payments
Lease gap amount if applicableRegular maintenance or repairs

Who Should Consider GAP Coverage?

  • Drivers with loans or leases where the balance exceeds the vehicle's market value.
  • New car buyers who experience rapid depreciation in the first years.
  • Anyone wanting to avoid surprise debts after theft or total loss.