BMW Guaranteed Auto Protection (GAP)
Protects you from the 'gap.
In the event of a vehicle theft or an accident that results in a total loss, most insurance companies only reimburse the owner for the market value of the car. Because of common risks associated with theft, collision and natural disaster, the chances of your vehicle being involved in a total loss are greater than you think.
This, along with the deductible, can create a significant gap between what your insurer will pay you and the balance on your loan.
As the name implies, GAP insurance covers what traditional car insurance doesn't. In other words, it closes the gap between what your auto insurance company pays if your car is stolen or totaled, and what you owe the finance company.