News Feed Item

Like Temperatures, Auto Thefts and Accidents Rise During Summer Months

~ GAP Waivers Help Get Consumers Back on the Road Faster ~

TALLAHASSEE, Fla., Aug. 29, 2014 /PRNewswire/ -- As we move further into summer, temperatures aren't the only things on the rise. Across the nation, summer months see the highest auto theft and accident rates – but GAP coverage can help those who experience either of these misfortunes by reducing the financial stress that comes with car accidents and thefts.  

A motor vehicle is stolen every 44 seconds in the United States, a total of more than 700,000 reported motor vehicles stolen each year, according to a report produced by the National Highway Traffic Safety Administration (NHTSA). Additionally, August is the most dangerous month nationwide for drivers, according to NHTSA.

"Summer is a time for vacation and other travel for most of the country, and it's no coincidence that two of the most popular tourist states – California and Florida – also rank at the top of states with the most stolen vehicles," said Tim Meenan, executive director for the Guaranteed Asset Protection Alliance (GAPA). "But even where theft is less of a concern, an accident can cause a major disruption in everyday life."

When a car accident or theft occurs, most insurance companies will pay the current market value of the car, but not the total amount owed to the finance company. This leaves an unexpected amount still owed to the finance company, which the borrower must pay. A GAP (guaranteed asset protection) waiver, purchased from the lender at the time a borrower buys their car, relieves most or all of the purchaser's obligation to pay off the finance agreement and makes it easier for the consumer to get into another car.

Every situation is unique, and it's important for consumers to research different options and shop around for the GAP product that best meets their needs.

No one plans on having an accident, but when they do occur they can leave car owners uncertain about their financial situation – will they be able to pay off the old car and still be able to afford a replacement? A GAP waiver is extra protection where the lender waives a consumer's outstanding debt so that the consumer is back on the road as soon as possible.

"When your car is stolen or totaled, the last thing you want to worry about is how you'll pay off the remainder of the loan if the insurance company says the car is worth less than what you owe," Meenan said. "A GAP waiver can provide financial benefits but, more importantly, the peace of mind that the daily routines of life can continue with as little interruption as possible."

For more information about debt waivers, visit gapalliance.org.

The Guaranteed Asset Protection Alliance (GAPA) is composed of companies experienced in offering quality guaranteed asset protection products throughout the country. GAPA members include insurance companies, lenders and administrative services companies who, together, bring valuable products to market in a responsible and competitive way. GAPA's mission is to promote fair and equitable regulation of its members and their products, and to continue to offer meaningful options to consumers who choose to purchase this protection.

SOURCE Guaranteed Asset Protection Alliance

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
How is DevOps going within your organization? If you need some help measuring just how well it is going, we have prepared a list of some key DevOps metrics to track. These metrics can help you understand how your team is doing over time. The word DevOps means different things to different people. Some say it a culture and every vendor in the industry claims that their tools help with DevOps. Depending on how you define DevOps, some of these metrics may matter more or less to you and your team.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...