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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]
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.
Guaranteed Asset Protection (GAP), or gap insurance, is an optional coverage that drivers can add on to their existing car insurance policy. If you are a driver with a loan on a new vehicle, it ...
Guaranteed asset protection (GAP) insurance is designed to pay the difference between the actual cash value of a vehicle (after it is damaged or totaled) and the balance still owed on the financing.
Gap insurance is often used in conjunction with other types of coverage. Here is a comparison of how each works. Here is a comparison of how each works. Gap insurance
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 ...
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