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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 also known as loan or lease gap coverage. As the name implies, it covers the gap between the amount of money your insurance company pays you if your vehicle is stolen or declared ...
The cost of gap insurance is influenced by several factors such as your vehicle’s actual cash value (ACV), where you opt to purchase the coverage, your past insurance claims and the insurance ...
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
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 ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
This law reduces consumer risk by requiring more disclosure from gap insurance sellers and placing restrictions on selling gap insurance that covers less than 70 percent of the vehicle’s value.
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