Where the GAP auto insurance market stands & where it is going – PropertyCasualty360

February 25, 2022 By admin

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A new vehicle starts to depreciate as soon as it is driven off the car dealer’s lot. According to the Insurance Information Institute, a car’s value can go down 20%-30% in the first year and continues to decline over the time of ownership.
GAP insurance, or “guaranteed asset (or auto) protection,” ensures that vehicle owners won’t incur a loss if the vehicle is damaged beyond repair (total loss), such as in an accident or flood, or if the vehicle is stolen and never recovered. GAP coverage pays the difference between what the insurer pays (settlement amount) and the amount still owed on the borrower’s loan.
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