The sole purpose of GAP insurance is protecting the finances of owner-operators who lease or finance their trucks. In the event of a total loss due to an accident or theft, some owner-operators may owe more money than the payoff. In the most simplified terms, GAP insurance covers the GAP between what is owed on the truck and the current market value.
The Mid South Truckers Group offers GAP insurance as an extension of our Physical Damage program. Physical Damage will only cover the current market value of a rig that is deemed a total loss. Enhancing the Physical Damage policy with GAP insurance prevents owner-operators from paying out-of-pocket expenses to the lease or finance companies.
Whether you are leasing your rig or financing the purchase, GAP insurance is a valuable coverage. Mid South Truckers Group includes GAP insurance as part of our special Truck Plus Package.
For more information on GAP insurance or to add the coverage to your pre-existing Physical Damage policy, written through the Mid South Truckers Group, please contact our office toll-free by dialing 888-321-1015 or complete the form on this page to receive a FREE insurance quote from one of our agents.