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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 ...
Standalone gap insurance is a gap insurance policy you purchase separate from any other policy or product. For example, if you lease a vehicle, the dealer may require you to purchase gap insurance ...
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 ...
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 ...
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 covers the difference between what your car is worth and the balance you owe on the loan if it sustains damage beyond repair in an accident or is stolen. Dealerships typically sell ...
In Georgia, you can purchase gap coverage from the car dealer that sold the car, your lender or your auto insurer (if offered). Comprehensive coverage is a standard offering from most auto insurers.
Loan/lease payoff coverage, also known as GAP coverage or GAP insurance, [15] [16] was established in the early 1980s to provide protection to consumers based upon buying and market trends. Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of ...
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