What does guaranteed asset protection mean?

What is guaranteed asset protection (GAP)? Guaranteed asset protection coverage has one purpose: to protect the investment you made in your vehicle in the worst-case scenario: if your car is declared a total loss or is stolen and your auto insurance settlement does not cover the cost to pay off your loan or lease.

What is the other name for gap insurance?

Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry. GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing.

What does gap stand for in gap insurance?

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.

What will void gap insurance?

You may cancel coverage for several reasons including selling your car or switching to a new gap insurance provider. You might also cancel when your loan balance is less than the car's actual cash value. You may receive a refund for your gap insurance if you've paid for your coverage upfront.

Does California regulate gap insurance?

NO ONE CAN MAKE YOU BUY A GAP WAIVER OR ANY OTHER OPTIONAL ADD-ON PRODUCTS OR SERVICES TO GET FINANCING, TO GET CERTAIN FINANCING TERMS, OR TO GET CERTAIN TERMS FOR THE SALE OF A VEHICLE. IT IS UNLAWFUL TO REQUIRE OR ATTEMPT TO REQUIRE THE PURCHASE OF THIS GAP WAIVER OR ANY OTHER OPTIONAL ADD-ON PRODUCTS OR SERVICES.

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.

What does gap mean in warranty?

GAP insurance may be offered to you when you buy a vehicle. GAP insurance covers the difference (or gap) between the amount you owe on your auto loan and what your insurance pays if your vehicle is stolen, damaged, or totaled.

Does Gap stand for guaranteed asset protection?

Guaranteed asset protection (GAP) coverage can provide drivers like you with peace of mind and financial security.

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Gap Coverage Disclosure - Lmvc La

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GAP COVERAGE DISCLOSURE Buyer: Seller: Vehicle: Date: We are obligated under Louisiana law to provide you with the option of voluntarily purchasing GAP insurance or similar coverage in connection.

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