If your vehicle is stolen or declared a total loss, your auto insurance may not cover the full amount you owe. Insurance typically reimburses the vehicle's actual cash value, which can be significantly less than the remaining balance on your loan or lease. This difference-known as the financial "gap"-could leave you responsible for thousands of dollars. Additionally, if your down payment was less than 20%, you may owe more than your car's current value.

Example: Your insurance company appraises your vehicle at $10,000 and you owe your lender $15,000; you have a gap payment of $5,000. You owe more than your vehicle is worth.
Benefits:
  • Helps maintain good credit
  • Covers negative equity
  • Insurance deductible up to $1000 may be included if the amount you owe on the vehicle exceeds your settlement payment 
  • GAP is provided for the term of your loan
If you're thinking about purchasing a pre-owned BMW from Patrick BMW and want to explore adding Gap Insurance Protection to your loan, our finance team is here to assist you. Contact us by phone or complete the form below, and one of our specialists will reach out shortly to help you make the best decision.

Gap Protection Inquiry

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Contact

Patrick BMW

700 E Golf Road
Directions Schaumburg, IL 60173

  • Sales: 847-230-8200
  • Service: (847)230-8201
  • Parts: (847)230-8202

Sales Hours

  • Monday 9:00AM - 8:00PM
  • Tuesday 9:00AM - 8:00PM
  • Wednesday 9:00AM - 8:00PM
  • Thursday 9:00AM - 8:00PM
  • Friday 9:00AM - 8:00PM
  • Saturday 9:00AM - 6:00PM
  • Sunday Closed