Gap Insurance,
Gap Insurance:
Gap Insurance refers to Gap insurance is a type of car insurance that car owners can take to cover losses that may arise if the total amount of loss compensation is owed by the policyholder under the car insurance, leasing or financing contract. Doesn't cover the amount owed. This situation arises when the financing balance of the vehicle exceeds the book value of the vehicle.
The auto insurance options available in some states cover the difference between the actual cash value of the car and the amount owed to the consumer leasing or finance company in the event of theft or destruction.
Insurance that pays the difference between the actual cash value of the car and the amount owed on the loan. Some margin policies may also cover deductions.
In the event of a total loss, leasing and bad credit insurance help to bridge the gap between the actual cash value of the vehicle and the amount owed on the lease or loan.
Literal Meanings of Gap Insurance
Gap:
Meanings of Gap:
Continuous space or rest interval.
Sentences of Gap
Peeping through a crack in the curtain
Insurance:
Meanings of Insurance:
An agreement in which the company or state guarantees compensation for certain losses, injuries, illnesses or deaths in exchange for certain premiums.
Something that protects against possible accidents.
Sentences of Insurance
Jacket hanging from the back of the chair, protected from enemas in the air conditioning