Get Gap Declaration Form 2020-2025

What are the pros and cons of gap coverage? Gap insurance prosGap insurance consUsually affordableProbably not worthwhile with an older carProvides peace of mind if you have a new carVery specific criteria for coverageNo extra deductibleSome high-value luxury cars not covered Feb 7, 2023

Gap insurance is an optional car insurance coverage that helps pay off your auto loan if your car is totaled or stolen and you owe more than the car's depreciated value.

Gap insurance stands for Guaranteed Asset Protection insurance. It is an optional, add-on coverage that can help certain drivers cover the “gap” between the financed amount owed on their car and their car's actual cash value (ACV), in the event of a covered incident where their car is declared a total loss.

Gap insurance stands for Guaranteed Asset Protection insurance. It is an optional, add-on coverage that can help certain drivers cover the “gap” between the financed amount owed on their car and their car's actual cash value (ACV), in the event of a covered incident where their car is declared a total loss.

A gap waiver, also known as a gap addendum, is a supplement that you can add to your auto loan or lease. A gap waiver is a debt cancellation agreement which absolves you from paying the difference between what you owe on the vehicle and what it's worth if the vehicle is declared a total loss.

Do You Need Gap Insurance Coverage? If your vehicle is not financed, there is no reason to purchase gap coverage. If you do finance your vehicle, gap coverage can be a good idea, but it depends on how much you drive and how quickly your car depreciates. Keep in mind that cars can depreciate rapidly.

Gap insurance is needed even if you have full coverage because full coverage does not cover the difference between what you owe on a loan/lease and the car's actual cash value, like gap insurance does.