From Wikipedia, the free
encyclopedia
Gap
insurance
Gap insurance covers the
excess amount on your auto loan in an instance where your insurance company
does not cover the entire loan. Depending on the companies specific policies it
might or might not cover the deductible as well. This coverage is marketed for
those who put low down payments, have
high interest rates on their loans, and those with 60 month or longer terms.
Gap insurance is typically offered by your finance company when you first
purchase your vehicle. Most auto insurance companies offer this coverage to
consumers as well. If you are unsure if GAP coverage had been purchased, you
should check your vehicle lease or purchase documentation.
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