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Coverage example. A driver runs through a stop sign and hits you as you proceed through the intersection. ... Gap insurance is an optional coverage that you may be able to purchase when financing ...
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 ...
GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it. [2] GAP insurance covers the amount on a loan that is the difference between the amount owed and the amount covered by another insurance policy. [1] Some GAP policies also cover the deductible. [3]
Insurance companies themselves, as well as self-insuring employers, purchase stop-loss coverage for a premium to protect themselves. In the case of a participant reaching more than the specific (or "individual") stop-loss deductible ($300,000, for example), the insurer will reimburse the insured (the company, not the participant) for the remainder of the claim to be paid over that deductible ...
Gap insurance is generally recommended by lenders or auto insurance companies for new vehicles when or if: The auto loan has a length of five years or longer. The loan has a high-interest rate ...
AAA: AAA does offer gap coverage provided that the insured vehicle has comprehensive and collision coverage. Additionally, if the insured vehicle is deemed a total loss, AAA waives up to $1,000 of ...
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