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Standard auto insurance policies are designed to only cover the current market value of a vehicle when a claim is made. And that value depreciates over time. ... similar to gap insurance, such as ...
If your totaled vehicle was within the last few model years, the insurance company will offer a payout based on the same year, make and model, even if the amount is higher than what your car is worth.
Guaranteed asset protection (GAP) is a type of insurance or, sometimes, a non-insurance agreement that will cover the difference between a vehicle's actual market value and the amount owed on the ...
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. Because most cars lose value as soon as they're driven off the dealer's lot, and most car loans cover more than the purchase price of the vehicle, the "gap ...
Most auto insurance companies offer this coverage to consumers. 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 ...
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.
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