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It covers the delta between the loan amt and the ... Posted by MisplacedYankee [Email] ![]() ![]() In Reply to: Re: Gap Insurance, NYSaaber, Mon, 8 Dec 2003 12:39:44 Members do not see ads below this line. - Help Keep This Site Online - Signup |
It covers the delta between the loan amount and the car's value -- basically protects you from the being upside down in the event of an accident totalling the car where depreciation is greater than loan value -- very problematic in first few years of owning a car or one where you traded an upside down car and added that amount to the new loan.
Some leases cover this as well -- of course in Texas not likely you are leasing. USAA covers gap insurance for free if thats an option -- some companies do -- check first what your insurance covers.
posted by 12.37.36...
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