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Guaranteed asset protection (GAP) insurance is designed to pay the difference between the actual cash value of a vehicle (after it is damaged or totaled) and the balance still owed on the financing.
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 ...
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.
Insurance fraud has existed since the beginning of insurance as a commercial enterprise. [4]Long before the rise of the modern insurance industry, an epigram by the Roman poet Martial, set in the Roman Empire during the first century AD, illustrates how crimes such as arson might be motivated by profit: [5]
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 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 ...
The thief behind this scam had allegedly tricked at least 19 people out of $17,600 total across the state by requesting victims to pay for “insurance” through Cash App and pocketing the cash.
To the extent that the carrier has knowingly or carelessly sold excessive (i.e. unnecessary) insurance, such a practice may constitute consumer fraud. Replacement cost coverage is designed so the policy holder will not have to spend more money to get a similar new item and that the insurance company does not pay for intangibles. [4]