Gap Insurance Definition

Gap insurance is optional add on car insurance coverage that covers the gap between the amount owed on a vehicle and its actual cash value acv in the event it is totaled destroyed or stolen. Gap insurance is a type of auto insurance that car owners can buy to protect themselves against losses that can arise when the amount of compensation received from a. Gap coverage is mainly used on new and used small vehicles cars and trucks and heavy trucks.
gap insurance definition

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If you made a low down payment if you bought a car that depreciates rapidly if you have a high interest rate or if you rolled over other costs into your new car payments such as money you still owed on a car you traded in gap insurance makes sense.

Gap insurance definition. Good piece highlighting the virtues of gap insurance i would also add that as a gap insurance broker the most popular form of gap insurance on new vehicles is now vehicle replacement insurance or vri gap insurance. Guaranteed asset protection gap insurance also known as gaps was established in the north american financial industrygap insurance protects the borrower if the car is totaled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. It works by covering the difference between the vehicle value at write off and the cost of replacing the vehicle in the. In some cases when you are insuring a new car you can get gap coverage as an add on endorsement to your standard policy.

Check with your insurer to find out if it is offeredyou must also have collision and comprehensive coverage on the. For buyers gap insurance only makes sense if you expect to be upside down on the car a situation in which you owe more than it is worth.

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Gap Insurance Definition

If you made a low down payment if you bought a car that depreciates rapidly if you have a high interest rate or if you rolled over other costs into your new car payments such as money you still owed on a car you traded in gap insurance makes sense.

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