$1000
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240 Months
When Insurance Isn't Enough
Most boat owners expect their insurance to pay off their entire loan if their boat is declared a total loss. Unfortunately, insurance typically pays the current market value of the boat—not necessarily the amount you still owe on your loan.
If your remaining loan balance is higher than your insurance settlement, you may still be responsible for paying the difference.
Marine GAP Protection helps reduce that financial burden by helping cover the difference between your insurance settlement and remaining loan balance, subject to the terms and conditions of the agreement.
Unlike traditional insurance, Marine GAP is designed to work alongside your physical damage insurance, providing an added layer of financial protection when it matters most.
Coverage at a Glance
Best For
Marine GAP Protection is ideal for customers financing a new or used boat who want added financial protection if their insurance settlement is less than the remaining balance on their finance agreement after a covered total loss.
Program benefits are subject to the terms and conditions of the GAP Addendum.
Why Boat Owners Choose Marine GAP
Marine GAP offers more than financial protection—it provides confidence during one of the most stressful situations a boat owner can experience.
Helps reduce or eliminate the remaining loan balance after a covered total loss, helping avoid unexpected costs.
May help cover the difference between your insurance settlement and remaining loan balance.
May include reimbursement of your insurance deductible, where available and subject to program limits.
Helps reduce unexpected out-of-pocket expenses after a covered loss, providing greater financial confidence.
Enjoy every trip on the water knowing you're better protected financially.
A Total Loss Doesn't Have to Become a Financial Loss
When a financed boat is declared a covered total loss, the insurance settlement may not be enough to satisfy the remaining loan balance. Marine GAP Protection helps bridge that financial gap, reducing the financial burden and helping you move forward with greater confidence.
Review the example to see how Marine GAP Protection may help reduce the remaining balance and lower out-of-pocket costs after a covered total loss.
Helping Customers Make an Informed Decision
Many customers focus on protecting their boat from unexpected repairs but don't realize a total loss could still leave them responsible for a remaining loan balance. By introducing Marine GAP Protection during the financing process, dealers and agents can help customers understand the financial gap that insurance may not cover and make a more informed purchasing decision.
Because Marine GAP Protection is available only when the financing contract is originally executed, it's important to discuss coverage early in the financing process. Presenting GAP alongside financing and insurance options gives customers the opportunity to understand their protection choices and make an informed decision before completing their purchase.
Frequently Asked Questions
Find answers to common questions about Marine GAP Protection, how it works, and how it can help protect your boat loan after a covered total loss
What is Marine GAP Protection?
Marine GAP Protection helps cover the difference between your insurance settlement and the remaining balance on your finance agreement if your boat is declared a covered total loss, subject to the terms and conditions of the agreement.
Why would I need Marine GAP Protection?
If your insurance settlement is less than what you still owe on your loan after a covered total loss, you could be responsible for paying the remaining balance. Marine GAP Protection helps reduce that financial burden.
How does Marine GAP Protection work?
After a covered total loss, your insurance company determines the current market value of your boat and issues a settlement. If you still owe more than that amount, Marine GAP Protection may help cover the difference, subject to your agreement.
Does Marine GAP replace my boat insurance?
No. Marine GAP Protection is not insurance and does not replace your physical damage insurance. It works alongside your insurance to help protect you from a remaining loan balance after a covered total loss.
Can Marine GAP help with my insurance deductible?
Yes. Depending on your agreement, Marine GAP Protection may include reimbursement of your insurance deductible, up to program limits.
What types of boats may be eligible?
Marine GAP Protection is generally available for many new and used financed boats that meet program eligibility requirements. Your dealer can explain eligibility based on your purchase
Is Marine GAP Protection required?
No. Marine GAP Protection is optional. It is designed to provide additional financial protection and is not required to obtain financing.
Can I purchase Marine GAP later?
No. Marine GAP Protection must be purchased when your finance agreement is originally executed. Once your purchase is complete, it cannot be added later.
Can I cancel Marine GAP?
Yes. Cancellation options may be available according to the terms of your agreement, including any applicable cancellation period and refund provisions.
What should I review before purchasing Marine GAP?
Review the complete Marine GAP agreement to understand eligibility requirements, benefits, exclusions, limitations, cancellation terms, and all conditions that apply to your coverage.
Enjoy the Water. Leave the Worry Behind.
Protect more than your boat. Help safeguard your finances with Marine GAP Protection and enjoy every adventure with greater confidence.