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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 ...
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]
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 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 ...
The cost of gap insurance in North Carolina will vary depending on numerous factors, including insurance provider, vehicle type, location and other personal rating factors. The average cost of a ...
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.
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