CHESTERFIELD, Mo. — The Marine Group of Protective Insurance is adding GAP coverage for its marine dealers, according to a recent statement from the company. The new offering provides broader coverage for consumers purchasing new and pre-owned boats, the company said.
“Protective GAP is designed to cover the difference, in most cases, between the scheduled asset pay-off amount and the asset’s actual cash value,” the company explained. “It will cover a customer’s primary insurance deductible up to $1,000 in certain states.”
Protective GAP is available for most new and pre-owned marine assets, with a maximum loan term of 240 months. Coverage is available for the first seven years of the loan term.
“These benefits have been developed to offer consumers more value when buying a new or pre-owned boat,” Chris Bernish, vice president of FPC dealer sales, said in the statement. “Our GAP coverage is a nice addition to our core service contract and accessory program business.”
Phase one of the Protective GAP rollout is now available in 20 states with the remainder to follow pending state approvals.