Gap Insurance Coverage
Images. Gap insurance is an optional coverage that pays the difference between the amount a car insurance company pays for your totaled car and the amount you owe on your lease or loan. Generally, you have 12 months after purchasing a vehicle to.
Typically gap coverage insurance should be purchased at the time that the car is bought since the gap exists almost immediately. To make sure you're getting. Gap (guaranteed asset protection) insurance is optional coverage.
Gap 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.
To understand gap insurance, you first need to understand that on a standard car insurance policy. Gap insurance supplements the payout you get from comprehensive or collision coverage if your car is totaled or stolen. Remember, gap insurance covers the gap between what your car is worth and how much you owe gap insurance aside, if you're curious about your coverage in general or just want to shop around. Gap insurance picks up where they leave off.