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Gap insurance only provides financial protection for the gap between the actual cash value of a vehicle at the time of a total loss claim and the current amount still owed on an auto loan. Total ...
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Gap insurance is typically offered at a dealership when you are financing a new vehicle. Most banks, credit unions and auto insurance companies also offer supplemental gap coverage on top of ...
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.
Most auto insurance companies offer this coverage to consumers. GAP insurance is often paid upfront and the purchaser is usually entitled to a refund of the unused portion of the premium if the vehicle is sold or refinanced before the end of the loan term. [4] There are two ways of getting GAP coverage. The first type is an insurance policy ...
OMVIC (Ontario Motor Vehicle Industry Council) is a council that regulates motor vehicle sales, administers and enforces the Motor Vehicle Dealers Act on behalf of the Ontario Ministry of Government and Consumer Services (MGCS) in Ontario. OMVIC's mandate is to maintain a fair and informed marketplace, by protecting the rights of consumers ...
Gap insurance If you owe more than your car's worth and it gets totaled, gap insurance helps pay the difference. This protection is useful for new cars that tend to lose value quickly.
Brantford, Ontario CAA Insurance Company: 1974 Markham, Ontario Founded in Toronto as the Ontario Motor Insurance Company Canada Life: 1847 Winnipeg, Manitoba Founded in Toronto. Amalgamed in 2020 with Great-West Life and London Life under the ownership of Great-West Lifeco. Headquartered in Winnipeg at the former Great-West Life offices.