GAP or guaranteed auto protection insurance was first developed in the banking sector of North America. GAP insurance covers the leftover amount between the vehicle's actual cash value and the remaining loan debt, protecting the borrower in the event that the car is written off or totaled. GAP insurance is primarily utilized for large trucks and new and used cars and trucks that are small in...
When a person's car is totaled or stolen and the remaining balance on their loan or lease exceeds the car's worth, they can get supplementary coverage known as guaranteed auto protection, or GAP insurance. When financing or leasing a car, it is usually provided as an optional extra coverage option. The loan sum not covered by the primary insurance carrier is covered by GAP insurance. Guaranteed...
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