11/09/2020
Gap insurance is an optional car insurance coverage that helps pay off your auto loan if your car is totaled or stolen and you owe more than the car's depreciated value. Gap insurance helps pay the gap between the depreciated value of your car and what you still owe on the car. What is the point of gap insurance? In the event of an accident in which you've badly damaged or totaled your car, gap insurance covers the difference between what a vehicle is currently worth (which your standard insurance will pay) and the amount you actually owe on it. [ 145 more words ]