Definitions for "GAP INSURANCE"
Keywords:  stolen, wreck, accident, auto, car
If the car is a write-off, gap insurance will pay off the balance of the loan after the comprehensive insurer makes a payment to the creditor.
A type of insurance offered to auto lease customers. It pays the difference between what you own and what the vehicle is worth in the event the car is stolen or destroyed.
An insurance policy designed to cover a shortfall between the outstanding finance and the vehicle insurance settlement figure, in the event of a vehicle involved in an accident or being stolen.