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Gap insurance is optional car insurance endorsement that covers the “gap” between the amount owed on a vehicle and its actual cash value (ACV) in the event it is totaled, stolen or rendered a ...
Gap insurance does not pertain to purchasing a new vehicle. ... For example, State Farm and Geico, two of the largest auto insurance companies in California, are not gap insurance providers.
Not every auto insurance company in Georgia offers gap insurance. Geico, for example, does not offer gap coverage to its policyholders. However, most of the largest car insurers by market share do ...
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 ...
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 ...
In this example, gap insurance will pay that $5,000 difference so you don't have to. However, what's considered a "total loss" varies by state and by auto insurance provider. When to get gap insurance
If you do not have gap insurance, you might have to pay the difference of $6,000 out of pocket. On the other hand, say you purchased gap coverage. The car insurance company may help pay the $6,000 ...