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While it is suggested that you get gap insurance as soon as you purchase or lease your vehicle, you may still add this coverage up to 12 months after financing your car, depending on your ...
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 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 ...
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.
Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry.GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. [1]
Gap insurance: Covers the difference between the insurance payout and your remaining loan balance if your financed car is stolen or declared a total loss while you still owe more than it’s worth.
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 ...
The Insurance Information Institute says it's a good idea to consider buying gap insurance if you bought a car or truck with less than a 20% down payment, you financed the vehicle for 60 months or ...