What to know if you’re financing or leasing a car By DANIEL KURT Updated July 22, 2022 By ANDY SMITH “Gap” stands for “guaranteed auto protection” in the insurance industry.

When a loan taken out to buy a car is worth more than the car itself, this kind of insurance is only necessary for a short time. If the car were to be totaled in an accident, the insurer would be responsible for paying back the difference with gap insurance. This is not covered by standard auto insurance.

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