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In this instance, gap insurance could help cover the remaining $5,000 you owe on your auto loan. Typically, gap insurance is only available for brand-new vehicles or for models that are less than ...
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 usually depends on the make and model of a vehicle, the rate of depreciation, your age, and your vehicle claims history. It also varies by state.
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 coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts ...
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.
This is similar to ordinary GAP insurance but differs in that instead of paying off the negative equity on a vehicle that is a total loss, the policy provides a certain amount, usually up to $5000, toward the purchase or lease of a new vehicle.
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