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AAA: AAA offers gap coverage for vehicles that are fully covered, including optional comprehensive and collision insurance. Esurance: Esurance (and some other auto insurers) refers to gap ...
Edmunds offers a guide to gap insurance and addresses the question of when and why it may be worth getting. ... Some auto insurance companies offer coverage similar to gap insurance, such as new ...
However, Progressive calls it loan/lease coverage. Travelers — Travelers offers gap coverage too, as well as several other types of insurance like home, rental, wedding and event and more.
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]
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.
In addition, some vendors and insurance companies offer what is called "Total Loss Coverage." This is similar to ordinary GAP insurance but differs in that instead of paying off the negative equity on a vehicle that is a total loss, the policy provides a certain amount, usually up to $5000, toward the purchase or lease of a new vehicle.
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