RICHARDSON, Texas — Accelerated Service International (ASI) announced the launch of TruGAP, a new product designed to serve as the gold standard for guaranteed asset protection (GAP) coverage.
As part of ASI’s Smart Autocare suite of F&I offerings, TruGAP offers terms and benefits unique to the category. Like most GAP products, TruGAP promises to cover the difference between net payoff and primary carrier settlement in the event of theft or total loss. But the coverage does not take into account the condition of the vehicle at time of claim, eliminating a provision that can greatly reduce the GAP payout issued to customers.
Aside from a maximum of $125,000 financed amount or retail value, ASI set aside underwriting standards that could disqualify customers, limit claim amounts or result in chargebacks. TruGAP has no maximum claim amount or loan-to-value limit and will even pay up to $1,000 against each customer’s insurance deductible. A “Plus” version, where available, adds a $1,000 incentive to buy their next vehicle from the selling dealer.
Michael Moretz, ASI’s senior vice president of sales and marketing, said he fully expects TruGAP to create a new industry standard, eliminating the exclusions and other unpleasant surprises customers too often encounter when attempting to cash in their GAP coverage.
“TruGAP is going to be a market-changer,” Moretz said. “At every turn, it keeps the dealer out of court, prevents confrontations in the finance department, and encourages — rather than damages — the opportunity for repeat and referral business.”