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GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it. [2] GAP insurance covers the amount on a loan that is the difference between the amount owed and the amount covered by another insurance policy. [1] Some GAP policies also cover the deductible. [3]
Gap insurance is optional car insurance endorsement that covers the “gap” between the amount owed on a vehicle and its actual cash value (ACV) in the event it is totaled, stolen or rendered a ...
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay), and what the borrower owes on the loan if the car is totaled or stolen.
Gap insurance. Comprehensive. Collision. What it covers. The difference between the amount still owed on a new or leased vehicle and the actual cash value paid out by an insurance provider to a ...
In this instance, gap insurance could help cover the remaining $5,000 you owe on your auto loan. Typically, gap insurance is only available for brand-new vehicles or for models that are less than ...
That's where gap insurance comes in handy: It covers the additional cost for you. In this example, gap insurance will pay that $5,000 difference so you don't have to.
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