Guaranteed Asset Protection (GAP) is insurance which protects the value of your vehicle that is financed with the credit union. Sometimes the vehicle value depreciates faster than your loan balances go down. If your vehicle was totaled, the insurance company will only pay the current value of your vehicle, which would leave an unpaid loan balance. GAP insurance will pay the difference of the insurance payment and your loan balance. See the following video for more information on GAP.