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By: Causeway Underwriting  09-12-2011
Keywords: vehicle, Insurance Settlement


Gap Coverage

If your leased vehicle is involved in an accident, vandalized or stolen the vehicle may have to be written off.
To insurance companies a "write off" means fair market value minus your deductible. Your insurance settlement may not always satisfy your monetary obligation. The monetary GAP between your insurance settlement less your deductible and your lease obligation is covered automatically by our GAP (Guaranteed Asset Protection).

Repossession-Gap Coverage

The coverage provides protection for your insured when they are unable to meet the financial obligations of their vehicle loan or lease due to disability, or financial circumstances. Repossession-Gap coverage pays the difference between the value of the vehicle and the amount owed under the lease agreement or loan obligation. GAP:
  • Indemnify the customer for a difference between the « Value on the day of the loss » and the remaining balance of their loan / lease up to a $30,000 maximum.
  • Valid only in case of a total loss (including theft).
  • Applies to any type of truck and towing vehicle (new and used).
  • Maximum limit of $175,000 (based on the financed amount.)
  • Applies for a period of 3 or 4 years.

Deductible Buy Down

In the case of a total loss, the deductible of your customer (up to a maximum of $25,000) is covered for the amount over the first $2,500. DEDUCTIBLES:
  • Indemnify the customer for his deductible up to a $25,000 maximum.

  • The customer is responsible for his first $2,500.
  • Validate only in case of a total loss (including theft).
  • Applies to any type of truck and towing vehicle (new and used).
  • Applies for a period of 3 or 4 years.
  • Option available with GAP Protection.

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Published on: 2006-06-13 (1858 reads)

The information in this article was current at 06 Dec 2011

Keywords: Insurance Settlement, vehicle

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