Gap insurance will not cover repossession in any state or territory of the US. Repossession is not a valid claim for insurance. In fact, it is possible your insurance could be cancelled as a result of the repossession, making you high risk.
No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.
Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
GAP Insurance is not a specific company. GAP or Guaranteed Auto Protection is a type of insurance that covers the difference between the cash value of a vehicle and the balance still owed on financing for that vehicle.
In New York state it is necessary to have gap auto insurance. It is the seller's legal responsibility to include gap auto insurance in the cost of leasing the vehicle.
According to various sources State Farm doesn't offer gap insurance. Gap insurance is usually offered through the dealership when you purchase your car.
So called gap insurance covers only the difference between the value of your vehicle and what you owe to the bank. It offers no other protections such as personal injury & liability, or collision.
Gap insurance refers to insurance which covers the gap between new car replacement and the current value of the car. It eliminates the risk of a car insurer not paying out enough in the event of a loss.
Gap year is a type of travel insurance that covers travellers to be away for extended trips of around 12 months or more. Gap year insurance will cover the traveller to and from many different countries in one trip.
GAP insurance stands for guaranteed auto protection. It covers the total amount you owe on your car in if it is totaled. Regular insurance only pays for the value of your car which can be a lot less then what you owe.
It is different from regular insurance because it covers you for the difference between your car's value, and what you owe on it if you have an accident that totals the car, or the vehicle is stolen. If you are making payments on the vehicle, and you owe more than its value, your GAP insurance will cover the difference.
GAP insurance pays the value of the car minus liens applied to it and only pays in the event of a total loss. If you can get coverage that covers damage (as well as total loss), this would be better. If your liens are substantial in relation to the value of the car, then GAP insurance is not worth it.