If there is a total loss as a result of an accident or theft of a covered vehicle, GAP covers the difference between your insurance settlement and the loan balance.
Insurance settlement covering vehicle's current value.....$16,000 Your lost investment without GAP: Your remaining unpaid loan balance (the "gap").....$4,000
A] total loss shall occur when an insurance company or any other person pays or makes other monetary settlement to a person when a vehicle is damaged and the damage to the vehicle is greater ...
Motor vehicle accidents are the leading cause of disabilities and fatality for people under the age of thirty five. Auto Insurance Settlement are awarded in most cases when no serious injury or damage ...
Injury Settlement Insurance Insurance Settlement Loan Insurance Viatical Life Insurance Settlement ... The Motor Vehicle Accident Whiplash-Type Injury -- As Of 2004 The Bottom Line ...