Guaranteed Asset Protection (GAP) is an important vehicle protection product because most primary auto insurers only cover the Actual Cash Value (ACV) of a vehicle—not the  outstanding loan balance. This means, if a member’s car is declared a total loss because of an accident or theft, their insurance settlement may not be enough to cover the amount they still owe their financial institution, potentially leaving thousands of dollars for them to pay out-of-pocket for a vehicle they can no longer drive.