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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 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 ...
Gap insurance costs. The cost of gap insurance usually depends on the make and model of a vehicle, the rate of depreciation, your age, and your vehicle claims history. It also varies by state ...
Gap insurance vs other coverage options. Many types of car insurance can offer financial protection for the investment you’ve made in your vehicle. However, each coverage type pertains to ...
The cost of gap insurance in North Carolina will vary depending on numerous factors, including insurance provider, vehicle type, location and other personal rating factors. The average cost of a ...
An addendum or appendix, in general, is an addition required to be made to a document by its author subsequent to its printing or publication. It comes from the gerundive addendum , plural addenda , "that which is to be added", from addere [ 1 ] ( lit.
Secondly, gap insurance is not new car replacement insurance. It may help you pay off an existing car loan, but it does not provide the full funds to replace a totaled vehicle with a new version.