Gap insurance is intended to help protect you against substantial loss. In the event of a write off or total loss of your RV, Gap insurance is designed to relieve you of the responsibility for the remainder of your loan balance that your primary insurance carrier may not cover.
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies. It provides financial protection from certain types of loss that are not covered by standard automobile insurance.
GAP is designed to cover the unpaid balance of an automobile loan in the event of a total loss of the vehicle. GAP covers the difference between the depreciated actual cash value of a lost vehicle and the outstanding loan balance on the vehicle. The coverage may also include payment of the physical damage deductible.
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