Posts Tagged: What is GAP insurance?

GAP insurance — What is it?

What is GAP insurance? Guaranteed Asset Protection (GAP insurance) 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 if the accident is a total loss. An example of when GAP insurance is worth it 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 … Read More