Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan. Depending on the companies specific policies it might or not cover the deductible as well. This coverage is marketed for those
who put low down payments, have high interest rates on their loans and those with 60 month or longer terms. Gap insurance is typically offered by your finance company when you first purchase your vehicle. Most auto insurance companies offer this coverage to consumers as well. If you are unsure Gap coverage had been purchased, you should check your vehicle.
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