Tricare Loss Protect (GAP)
Closes the “GAP” between your auto insurance payout and the full balance owing on your vehicle finance contract following a total loss.
Protects You From the Risk of Negative Equity
Negative equity occurs when the amount still owing on the finance contract is greater than the amount paid out by your insurance company in the event of a total loss. This difference is often referred to as the “GAP.”
A vehicle can be declared a total loss when:
- The cost to repair it exceeds the assessed value of the vehicle
- The vehicle is so damaged that repairing it is deemed unsafe
- The vehicle is stolen and not recovered
In the unfortunate event your vehicle is deemed a total loss, Tricare Loss Protect saves you from incurring large out-of-pocket expenses by covering the “GAP” between what your insurance company pays and the balance you may owe on your finance contract.
Tricare Loss Protect
Closes the GAP
Peace-of-mind coverage to help you get into a new vehicle sooner and back on the road again.
Covers the Void Left by Your Primary Vehicle Insurance Company
Tricare Loss Protect provides the top-up coverage to your insurer’s total loss payout and offers affordable peace of mind to deal with life’s unexpected challenges.
Up to $50,000
Includes any refinanced amount from a previous finance contract up to the maximum policy limit.
$500 loyalty credit
Good towards the price of a replacement vehicle when purchased from the original selling dealer or any other dealership within that dealer’s ownership group.
Up to $1,000 credit
To cover insurance deductible in the event of a total loss.
Please ask your Tricor dealer for full program and contract details regarding qualifications, conditions, requirements and coverage.
Tricare Loss Protect is fully insured by licensed Canadian insurance companies.
