What Is Gap Insurance and Is It Worth It? | Finder Canada (Celia Maxwell)
Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry. Your Gap coverage will pay the difference, between what your collision coverage normally would Jon and Tyler nailed it. What is gap insurance, what does it cover and is it worth it?
Comprehensive and collision insurance only pay what a car is worth — its cash value — at the time of a theft or accident.
Did you just buy a new Jaguar or a Mitsubishi?
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What kind of business is it? Sometimes it will also pay your regular insurance. Gap insurance may also be called "loan/lease gap coverage." This type of coverage is only available if you're the original loan- or.
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