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This law reduces consumer risk by requiring more disclosure from gap insurance sellers and placing restrictions on selling gap insurance that covers less than 70 percent of the vehicle’s value.
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 ...
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.
Some insurance companies might also require your vehicle to be brand-new in order for you to purchase gap insurance. This usually means your vehicle is under 3 years old and that you are the ...
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 ...
The California Consumers Legal Remedies Act ("CLRA") is the name for California Civil Code §§ 1750 et seq. [1] The CLRA declares unlawful several "methods of competition and unfair or deceptive acts or practices undertaken by any person in a transaction intended to result or which results in the sale or lease of goods or services to any consumer". [2]
To the extent that the carrier has knowingly or carelessly sold excessive (i.e. unnecessary) insurance, such a practice may constitute consumer fraud. Replacement cost coverage is designed so the policy holder will not have to spend more money to get a similar new item and that the insurance company does not pay for intangibles. [4]
Guaranteed asset protection (GAP) is a type of insurance or, sometimes, a non-insurance agreement that will cover the difference between a vehicle's actual market value and the amount owed on the ...