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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 protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. [1] GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts ...
Deductible. In an insurance policy, the deductible (in British English, the excess) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. [1] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for ...
Gap insurance is generally recommended by lenders or auto insurance companies for new vehicles when or if: The auto loan has a length of five years or longer. The loan has a high-interest rate ...
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 ...
Gap insurance is not mandatory in Massachusetts. It is not standard coverage or included in a basic policy. It is supplemental and designed for short-term coverage when you buy a new vehicle or ...
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