Posts Tagged: What is GAP insurance?
What is GAP insurance? Guaranteed Asset Protection (GAP) insurance coverage renders is a special insurance that covers the difference between what you owe on the vehicle versus what you vehicle is worth after a accident that results in a total loss. Example of GAP insurance You buy a new $27,000 vehicle, put down a $2,000 down-payment and take out a car loan for the balance. You drive it for 2-year, putting on about 35,000 miles. You get into a major accident and the insurance adjusters call it a total loss … Read More