Quoc: Guaranteed Auto Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry. GAP insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.). GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it.\n\nWhat does gap mean when buying a car?
HW Chung: OK, some thoughts:
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To answer this question, we should know that: GAP insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.). The answer is the difference between the actual cash value of a vehicle and the balance still owed on the financing ( car loan , lease , etc . ).
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