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What is GAP insurance?

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What is GAP insurance?

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If your vehicle is stolen or written off in an accident, there may be a shortfall between the value of the vehicle and the outstanding finance amount. In these circumstances GAP insurance would cover the difference.

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A. In the event your vehicle becomes a total loss due to an accident or theft during the term of your lease period, GAP insurance covers the difference or gap between what your insurance company will pay and what you owe on the lease. At Bearcat, we include GAP insurance in every closed-end lease.

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A. This insurance is designed to cover the difference between what an insurance company will pay in a claim and the balance due on your loan. This is used when your vehicle is totaled.

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Allstate Insurance Company Safe drivers should pay less. Visit our website for auto quotes. www.Allstate.

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GAP insurance covers the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.). GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies require it.

http://www.number1ins.com

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