GAP insurance - Do you know about Gap insurance? What is GAP insurance? How Gap insurance Protect you from financial loses.?
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Do you know about Gap insurance? What is GAP insurance? How Gap insurance Protect you from financial loses.? Gap Insurance protect you when you owe on your vehicle which is continuously depreciated in value. Normally GAP insurance covers the difference between worth or vehicle and owe on it. How Gap Insurance works for you: When you buy a new vehicle it may be car, bus or truck then the value of that particular vehicle depreciated sharply. In some cases, the value depreciated by 20% when the vehicle leaves its lot. Maximum Vehicle value depreciated by 20% in a year. The Standard vehicle policy covers the depreciated value of the vehicle. In other words, the Standard Vehicle insurance policy pay the current market value of the car or vehicle at the time of claim. Sometimes when you pay a small amount as down payment for your vehicle then it may be possible that your loan amount will be higher than your current value of the car with the time. At the time of acc...