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Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
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 ] This coverage is marketed for low down payment loans, high interest rate loans and loans with 60 month or longer terms.
Car insurance premiums generally follow the same principles across carriers but may vary in how often you pay them, how companies calculate them and how your premium may change over time.
Use an auto loan calculator. Free, online auto loan calculators allow you to skip the pencil and paper and instantly determine your interest payment. These calculators allow you to find the ...
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.
Your car insurance typically covers family members and friends who infrequently borrow your car, but understanding the coverage limits helps protect you from unexpected costs.
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