Guaranteed Asset Protection

Protect your loan when your car can’t be replaced.

If your vehicle is stolen or written off, your primary auto insurer pays the market value — not what you still owe. Optiom’s GAP Coverage closes that shortfall, so a total loss doesn’t leave you paying for a car you no longer own.

Ask for Optiom GAP Coverage when you buy or lease your next vehicle.

Canadian driver at dealership finalizing vehicle purchase
#1 in Canada
Specialty Vehicle Replacement
600,000+ Policies
Written through our dealer network
New & Pre-Owned
Financed and leased vehicles qualify
Dealer-Exclusive
Only sold at dealerships

Why It Matters

Your Primary Auto Insure Pays Market Value. Your Lender Wants What You Owe.

When your financed or leased vehicle is written off, your primary auto insurer pays its current market value — not the purchase price, and not the outstanding balance you still owe. Depreciation and loan terms mean that payout almost always falls short.

Optiom’s GAP Coverage closes that shortfall — paying the difference directly to your lender or leasing company, so you’re not left carrying payments on a car you no longer own.

 

AN INTERESTING BUT ALARMING STATISTIC

According to the Government of Canada, an estimated 90,000 cars are stolen in Canada annually — that’s one car every six minutes. Add write-offs from collisions, floods, and fires, and any financed or leased vehicle is exposed.

Your Next Move

Ask for Optiom GAP Coverage when you buy or lease.

GAP Coverage is available exclusively through Optiom's partner dealerships. Ask your dealer for it by name when you're closing on your next vehicle — it's added to your paperwork right there at delivery.

Call 1-844-427-7587
Trusted Protection Solutions

Canada’s Largest Provider of Specialty Vehicle Insurance.

Originating in British Columbia since 2008 and now headquartered in Calgary, Alberta, Optiom has grown to deliver dependable protection through an extensive national network of dealerships, with well over 600,000 policies sold to date.

Optiom provides Canadians with specialized insurance solutions built on a system of stability, expertise, and a proven commitment to customer support.

600K+
Policies Sold
100+
Employees
2008
Founded in BC

Coverage Details

How GAP Pays Out for You.

Whether your vehicle is financed or leased, GAP makes sure a total loss doesn’t leave you carrying a debt on a car you can no longer drive.

Option 1 — Financed Vehicle

Loan Balance Covered

If your vehicle suffers a total loss, Optiom’s GAP will jointly pay you and your lender the difference between your outstanding loan amount and the ACV (actual cash value) paid by your primary auto insurer — excluding recoverable amounts and other amounts contractually required by the lender.

  • Outstanding loan balance exceeds primary auto insurer’s ACV payout

  • Difference paid directly to you and your lender

  • Recoverable amounts and contractual lender charges excluded

  • Maximum benefit of $50,000

Maximum Benefit

Up to $50,000

Option 2 — Leased Vehicle

Lease Balance Covered

If your leased vehicle suffers a total loss, Optiom’s GAP will pay the leasing company the difference between the outstanding balance due under your lease agreement and the ACV (actual cash value) paid by your primary auto insurer — including residual value.

  • Outstanding lease balance exceeds primary auto insurer’s ACV payout

  • Covers residual value included in the lease agreement

  • Excludes unpaid lease payments, early termination charges, and taxes

  • Maximum benefit of $50,000

Maximum Benefit

Up to $50,000

Couple reviewing monthly payment plan with dealer
Flexible Payment Options

Pay monthly with Bamboo Premium Financing

Don’t want to pay your Optiom policy up front? You don’t have to. Through our partnership with Bamboo Premium Financing, you can spread the cost of your coverage into affordable monthly payments — with fast approvals, fair rates, and a friendly Canadian team behind every application.

  • Fast approvals so your coverage starts without delay
  • Affordable interest rates built for the Canadian market
  • Manageable monthly payments — no lump sum required

Financing is provided by Bamboo Premium Financing Inc. Approval, terms and rates are determined by Bamboo and are subject to credit review.

Program Eligibility

Who Qualifies?

The following conditions apply to both Financed and Leased vehicles. All conditions must be met at time of policy issuance.

Vehicle & Loan Requirements

  • 1
    Vehicle must be 7 model years old or newer
  • 2
    Must be a private passenger, sport, luxury, mini-van, SUV, or pick-up truck
  • 3
    You must have a credit score of 625 or higher as shown on the Credit Bureau of Canada
  • 4
    Maximum eligible loan amount of $150,000
  • 5
    Maximum negative equity of $25,000 — must originate from your trade-in vehicle
Use & Insurance Conditions
  • 1
    Vehicle must be rated by the underlying insurer for personal and/or business use — all other usage including commercial is excluded
  • 2

    Must maintain collision and comprehensive coverage with your primary auto insurer throughout the policy term

  • 3
    Vehicle must be rated on your Standard Automobile Policy

Take It With You

Download the Guaranteed Asset Protection Brochure

A printable one-pager with the full coverage breakdown, plan eligibility, and claims process. Save it, print it, or bring it with you to your dealership.

Download PDF

Common Questions

Straight Answers.

What does the claims process look like?

Once your primary auto insurer settles the total loss, Optiom pays the shortfall directly to your lender or leasing company. You aren’t chasing paperwork or negotiating with multiple parties — Optiom handles the payout for you.

No. GAP Coverage works alongside your existing auto insurance policy — it does not replace it. You must maintain collision and comprehensive coverage with your primary auto insurer throughout the term of your GAP policy. GAP pays only after your primary auto insurer has settled the total loss claim.

For a leased vehicle, Optiom’s GAP will pay the leasing company the difference between the outstanding balance due under the lease agreement as of the date of total loss and the ACV amount paid by your primary auto insurer — including residual value. Unpaid lease payments, early termination charges, taxes, and other amounts not contractually required by the lessor are excluded. The maximum benefit is $50,000.

A credit score of 625 or higher as shown on the Credit Bureau of Canada is required at time of policy issuance. This applies to both financed and leased vehicles.

Also from Optiom

More Ways to Protect Your Vehicle

Vehicle Replacement Insurance

Bridges the gap between the market value after a total loss and the actual cost to replace your vehicle.

Tire & Rim Protection

Covers repair or replacement costs for tires and rims damaged by potholes and everyday road hazards.

Mechanical Breakdown Protection

Covers the cost of repairing failed mechanical components after your manufacturer’s warranty expires.

Appearance Protection

Protects your vehicle’s interior and exterior finish from everyday wear — stains, scuffs, minor dents, and paint damage.

For Dealer Partners

Add GAP to Your F&I Menu.

Are you a dealership? Become an Optiom partner and offer GAP Coverage at point of sale. Here’s what you get:

Dedicated Dealer Rep

Every partner dealership is paired with a dedicated Optiom representative for training, product questions, and day-to-day support.

F&I Training & Materials

Your team receives full product training, presentation frameworks, and customer-facing collateral to integrate GAP into every delivery.

Claims Handled by Us

When a customer files, Optiom’s in-house claims team manages the process end-to-end and coordinates with everyone involved — the customer, their lender, and your dealership when applicable.