Search results
Results from the WOW.Com Content Network
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 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 ...
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 ...
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 ...
Vehicle insurance in the United States (also known as car insurance or auto insurance) is designed to cover the risk of financial liability or the loss of a motor vehicle that the owner may face if their vehicle is involved in a collision that results in property or physical damage. Most states require a motor vehicle owner to carry some ...
A DMV may require an SR-22 from a driver to reinstate his or her driving privileges following an uninsured car accident or conviction of another traffic-related offense, such as a DUI. [5] [6] An SR-22 may be required for three years for conviction of driving without insurance or driving with a suspended license and up to five years for a DUI. [7]
This Arizona man says his gap insurance won’t pay an $18,000 claim for his totaled BMW SUV because of a 60-cent mistake ... him a check for $26,709 — the vehicle’s total value — but he ...