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Gap insurance is different from new car replacement coverage. ... Dealerships also sell gap insurance in California. Comprehensive coverage is offered by most, if not all, insurance companies. ...
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 is an optional purchase, but many states in the US require that a car dealership offer GAP at the point of purchase. Other states require insurers to offer GAP if a client requests it. [6] States such as Louisiana require that the purchaser sign a disclosure document as proof. [7] [8] Although GAP is optional, some finance companies require ...
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 is typically offered at a dealership when you are financing a new vehicle. Most banks, credit unions and auto insurance companies also offer supplemental gap coverage on top of ...
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Gap insurance: Covers the ... Car dealerships don’t sell insurance, but they can put you in touch with an insurer or agent if you don’t have an existing insurance policy. However, going with ...
He sought financing through the car dealership for the $60,517.86 purchase price, but what came back from the credit union was an auto loan totaling $60,517.26 — 60 cents shy of the agreed price ...