If your vehicle is stolen or damaged beyond repair, your primary auto insurer may choose to write your vehicle off and pay you an amount equal to the market value of your vehicle. In some cases, this payout won’t be enough to cover the balance of what you still owe on your automotive loan or lease. This is often the case if you’ve financed for a long period of time, added debt from a prior auto loan into your current auto loan, or if you have a high-interest rate on your loan. This is where WALKAWAY Total Loss Protection™ can help. It’s designed to reduce or eliminate the balance owing on your auto loan or lease after applying the payment from your primary auto insurer.
To protect your new investment, you purchase WALKAWAY Total Loss Protection, also known as Guaranteed Asset Protection (GAP) coverage.
More and more vehicles are being written off or deemed a total loss (whether due to a fire, theft, a flood, or an accident) today than ever before. And sometimes, your primary auto insurance payout won’t be enough to cover the balance of what you owe on the vehicle.
The difference between what you owe and the primary insurance payout you receive for the market value of your vehicle is often referred to as a “gap.” WALKWAY Total Loss Protection is designed to reduce or eliminate this gap.
We’re here to help Canadian car owners in a total loss scenario. You should consider WALKAWAY Total Loss Protection™ if:
You are financing a vehicle over a long period of time.
You are rolling outstanding debt into your new vehicle purchase.
Your down payment is significantly less than the total value of the vehicle you’re financing.
You don’t know how long it will take you to pay off the principal of your vehicle.
If you want to learn more about our WALKAWAY Total Loss Protection, read our industry-leading disclosure statement. This is a document designed to provide a comprehensive, plain language explanation of our programs and products, allowing consumers to make informed decisions regarding the purchase of our products.
This represents a summary of coverages and does not form a part of the certificate of insurance. Please consult your certificate for complete details regarding how you qualify. *Deductible coverage applies on an approved claim only when the primary auto insurance payout does not cover the entire balance of the lease or loan. **The loyalty credit is paid directly to the originating dealership to reduce the sale price when a replacement vehicle is purchased after an approved claim. Insurance Insight Inc. is the brokerage, and Trisura Guarantee Insurance Company is the insurer of WALKAWAY.