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GAP Coverage Auto Insurance

GAP will cover the amount on the loan that is the difference between the value of the vehicle and the amount that another insurance policy covers. Typically, your finance company will offer you this kind of coverage at the time you purchase the vehicle. Most auto insurance companies offer this coverage as well to its consumers.

You can obtain GAP through two ways: through your insurance company or at your dealership. If you choose to obtain GAP Coverage through your insurance broker, this is regulated by the insurance industry.

Either method you decide to acquire it, the coverage will be the very same and it is offered as a soft product through the automobile dealer. The protection is typically financed along with your lease or loan. Any type of claims you submit are subject to an absolute loss, that is generally established via the third-party evaluator with the primary insurance company.

Exclusions to your GAP Coverage Auto Insurance vary by the country or state. Many states in the United States require that a car dealership offers GAP at the point of purchase of a used or new vehicle. Some other states only require that an insurer offer it if the client asks about it.

It’s important to note that GAP coverage is an optional product. Some of the finance companies require you to obtain it as a condition to obtain a loan from them. The Truth In Lending Act does leave out GAP Protection premiums from any financial expenses in the case that it was not mandated by the financial institution, or if premiums were not divulged in writing, or if the customer gave a written request for the insurance policy.