Search results
Results from the WOW.Com Content Network
Edmunds offers a guide to gap insurance and addresses the question of when and why it may be worth getting. ... a year ago and then it gets totaled in an accident. Your car is valued at $27,000 ...
Here’s how gap insurance works: say you have been involved in an accident and your vehicle has been damaged beyond repair and must be replaced. You still owe $18,000 on your auto loan, but the ...
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 ...
Gap coverage is commonly confused with new car replacement coverage, but they are different. Gap coverage is a way to financially protect yourself if you have an outstanding loan on your vehicle ...
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.
Although it is not a required coverage, gap insurance can offer valuable financial protection if you owe a significant amount on your vehicle loan. ... of the car if there is an accident where the ...
Like accident insurance, disability insurance pays the insured directly if they are injured in a way covered by the policy. However, disability insurance only pays if the injury prevents the insured from working. [3] Accident insurance benefits are paid whether or not the insured misses work as a result of the accident.
Gap insurance vs. other coverage types. Gap insurance is similar to other types of car insurance in that it protects your financial well-being after an accident. In a way, it is protecting your ...