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Although gap insurance is an option in most cases, if you have a loan or lease contract on your vehicle, your financial lender may require you to carry it. Here’s how gap insurance works: say ...
In this example, gap insurance will pay that $5,000 difference so you don't have to. However, what's considered a "total loss" varies by state and by auto insurance provider.
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 ...
Gap insurance vs other coverages. Because gap insurance is a limited form of coverage for a specific situation, it should not be confused with liability coverage or the two other most common types ...
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 sold by a broker. The second type is a waiver agreement sold by a ...
Self-insurance may not be possible when there is a legal obligation to hold insurance such as mandatory third-party car insurance that is required in some countries. In some cases organizations need to apply for special licenses to self-insure certain risks, such as employee benefits insurance. [3]
Gap insurance is also sometimes called loan or lease coverage, so you may have to refer to it by its alternative name when shopping around. Dealerships can be a convenient place to obtain gap ...
If you have it on your auto policy, you might be able to cancel your gap coverage online. However, you may need to speak directly with an insurance agent to cancel this coverage in some cases.
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