Is Gap Insurance

Is Gap Insurance – Gap coverage is mainly used on new and used small vehicles cars and trucks and heavy trucks. Car gap insurance is a policy that wipes away negative equity in this type of situation. Usually a gap insurance refund is issued to you once any liens on your car are satisfied. 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 totaled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. Gap insurance is a type of insurance that is supposed to cover the gap between what you owe through a lease or loan and what the insurance company is required to pay through the insurance plan. When you buy or lease a new car or truck the vehicle starts to depreciate in value the moment it leaves the car lot..

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For example when your car is destroyed in a total loss gap insurance will help you cover the.

Is gap insurance. Gap is an acronym of guaranteed auto protection. How gap insurance works. In fact most cars lose 20 percent of their value within a year.

On that remaining balance the gap insurance policy brings your total amount owing to zero. Gap insurance covers the difference the gap between what your vehicle is worth and how much you owe on the car. Gap insurance is a type of auto insurance that car owners can purchase to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully.

Gap insurance comes into play if your car is stolen or totaled damaged to the point that repair would cost more than the car is worth before the car is paid off.

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Is Gap Insurance – Gap insurance comes into play if your car is stolen or totaled damaged to the point that repair would cost more than the car is worth before the car is paid off. Gap insurance is a type of auto insurance that car owners can purchase to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully. Gap insurance covers the difference the gap between what your vehicle is worth and how much you owe on the car. On that remaining balance the gap insurance policy brings your total amount owing to zero. In fact most cars lose 20 percent of their value within a year. How gap insurance works..