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Gap insurance is supplemental auto coverage, in addition to comprehensive and collision insurance, that pays off a loan balance in the event your vehicle is totaled or stolen and never found and ...
According to the Insurance Information Institute (Triple-I), adding gap insurance to a full coverage auto policy costs about $20 per year. However, this is not a set rate, and individual rating ...
The average cost of a full coverage car insurance policy in North Carolina is $1,713 per year, but your personal rate, including the addition of a gap insurance endorsement, will vary from this ...
Some GAP policies also cover the deductible. [3] This coverage is marketed for low down payment loans, high interest rate loans and loans with 60 month or longer terms. GAP insurance is typically offered by a finance company at time of purchase. Most auto insurance companies offer this coverage to consumers. GAP insurance is often paid upfront ...
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.
Loan/lease payoff coverage, also known as GAP coverage or GAP insurance, [15] [16] was established in the early 1980s to provide protection to consumers based upon buying and market trends. Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of ...