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The return premium is generally calculated using a wheel calculator, a type of circular slide rule or an online version. [1] The return premium is calculated by calculating the unearned premium and then subtracting any unpaid premium and penalty for early cancellation.
Loan/lease payoff coverage, also known as GAP coverage or GAP insurance, [15] [16] was established in the early 1980s to provide protection to consumers based upon buying and market trends. Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of ...
GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it. [2] 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]
To cancel gap insurance, you would need to contact the company you purchased it through. That could be your insurance provider, lender or car dealer. Depending on whether or not a length of ...
Gap insurance comes into play when there is a total loss of your vehicle. This typically occurs as the result of an accident in which your car is deemed totaled by your insurance carrier.
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If a vehicle is declared a total loss and the vehicle's market value is less than the amount that is still owed to the bank that is financing the vehicle, GAP insurance may cover the difference. Not all auto insurance policies include GAP insurance. GAP insurance is often offered by the finance company at time the vehicle is purchased.
For example, departure from cancellation fees.” —2018 F&W Best New Chef Julia Sullivan, chef/owner of Judith in Sewanee, TN. Paul Taylor / Getty Images. Great food to go