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Insurance Definition: GAP INSURANCE

By Compuquotes Team on March 27th, 2008

GAP INSURANCE:

Definition:

  • An automobile insurance option, available in some states, that covers the difference between a car's actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company. Mainly used for leased cars. (See Actual cash value)

Information provided by Insurance Information Institute

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