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Typically, used cars do not require gap protection. But in some cases, it makes sense for a used-car driver to invest in a loan/lease payoff policy. While Gap insurance is a worthwhile product, your dealership probably isn't the best place to buy it. It can often be found far more cheaply online – sold. What is GAP insurance on a car? GAP, which stands for Guaranteed Asset Protection, is insurance that covers the difference between what your vehicle is.

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Guaranteed Asset Protection, more commonly known as GAP insurance is an additional cover that protects your used car finances should your car be written off. “To get gap insurance, a car can't be more than a few years old. Some companies won't offer gap insurance to any used car buyers at all. That being said, there. If you opt for GAP insurance, you probably don't need to carry it the entire time you have the vehicle. Ideally, once you've paid down the loan to the point.

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If you opt for GAP insurance, you probably don't need to carry it the entire time you have the vehicle. Ideally, once you've paid down the loan to the point. GAP insurance covers you in the event you owe more on your totaled or stolen car than the car is actually worth. GAP insurance can make sense if you are. GAP insurance is usually associated with new cars because they depreciate much faster than used cars and GAP insurance is designed to cover depreciation. You.