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GAP Insurance:
GAP fills in the financial gaps
Guaranteed Auto Protection is your defense against financial liability
when you finance a new or used vehicle. It protects you against
loss when your vehicle is damaged beyond repair or stolen and never
recovered.
During the first few years you own your vehicle, because of depreciation,
your loan/lease balance can be higher than the actual value of your
car. GAP covers the difference between the market value of your
vehicle and the loan/lease balance, minus delinquent payments, late
charges, and insurance related charges.
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