Forum Discussion
rhagfo
Feb 04, 2016Explorer III
fitznj wrote:
Then there is the GAP coverage, "insurance they call it".
Are you leasing the unit? GAP Insurance is usually applied to leases units when the :easing Co want you to cover the gap between what the value of the unit is versus what is owed on it.
It can apply to purchased units but I've not seen ii unless it's a bank requirement nowadays.
Gap insurance is also offered on purchases, this is better covered either by you insurance company or lender, covers the GAP between value and amount owed on a loan. If low or no money down, it is something to consider or work with your insurance agent.
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