Gap insurance covers the excess amount from your auto loan in the case that the insurance company does not cover the entire loan. Depending on the insurance company’s policies, it may or may not cover the deductible as well.
This coverage is marketed for those who are on low down payments, have high-interest rates on loans they have taken, and those with around 60-month or longer terms.
Gap insurance is typically offered by finance companies when a customer purchases a vehicle, but many auto insurance companies also offer this coverage to consumers.
2021 Best GAP Insurance Companies
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