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You have a few options for where to buy gap insurance: through the dealership, a standard auto insurer or a specialty gap insurance company.A gap insurance policy through dealerships can be too ...
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.
However, gap insurance makes sense when your auto loan balance is likely to exceed the actual value of the car. This usually happens when: You put little or no money down when you financed your car.
Gap insurance. Comprehensive. Collision. What it covers. Only covers your car if it is deemed a total loss. Only pays the difference between the depreciated value and your remaining loan balance.
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 ...
Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry.GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. [1]
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