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What Is Gap Insurance?

shawncamp
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What Is Gap Insurance?

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  1. What Is GAP Insurance GAP (Guaranteed Asset Protection) insurance helps cover the difference between what a car is worth and what is owed on a loan if it is totaled or stolen. This coverage can be an added layer of financial protection for vehicle owners. Key Aspects of Gap Insurance Covers Loan Balance – Pays the difference between the car’s depreciated value and the remaining loan amount. 1 Protects Against Depreciation – Vehicles lose value quickly; GAP insurance helps offset that loss in case of a total loss. 2 Standard Insurance May Not Be Enough – Traditional auto insurance only covers the current market value of a car, not the full loan amount. 3 Ideal for Low or No Down Payment Loans – Those who finance most of their vehicle’s cost may owe more than the car’s worth early on. 4 Leased Vehicles Benefit Too – GAP insurance can help cover lease contract obligations if the car is declared a total loss. 5 Check Eligibility with Your Insurance Provider – Not all policies include GAP insurance, but it can often be added for extra protection. 6 www.shawncampinsurance.com Shawn Camp Insurance Agency, Inc 2705 E. Stan Schlueter Loop, Suite 101 , Killeen, TX - 76542 Phone: (254) 526 - 0535

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