If a car you have got on finance becomes a total loss (for example after collision, theft or fire), your insurance company may only pay the market value of the vehicle. Leaving you to deal with the shortfall between this market value and any shortfall in the outstanding payment and charges due to the finance company.
Guaranteed Asset Protection insurance or GAP as it is often referred to, covers these shortfalls. There is no rule to say you must buy GAP insurance and its worth shopping around to get the best price and cover to suit your needs.
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