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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 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 ...
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 ...
You've taken out a long-term car loan of 60 months or more. You do not need gap insurance if you owe less than your car's value or can afford to pay the difference between the amount owed and the ...
Gap insurance. Comprehensive. Collision. What it covers. Only covers your car if it is deemed a total loss. Only pays the difference between the depreciated value and your remaining loan balance.
The first basic categorisation of long-term insurance is between life and non-life business. Life insurance business is insurance that is contingent on human life. Examples would include a policy that pays out £100,000 if the policy holder dies within a specified time; a policy that pays out £100,000 in 10 years time, but will pay out £101,000 if the policy holder dies before the policy ...
Gap insurance. Comprehensive. Collision. What it covers. The difference between the amount still owed on a new or leased vehicle and the actual cash value paid out by an insurance provider to a ...
Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to ...