Guaranteed Asset protection insurance was originally created in the United States of America in the 1950's. GAP Insurance protects the insured by ensuring that if the insured car is totaled, the insured still gets the benefits he or she would get if he or she had purchased an equivalent policy.
If you are not insured, you should get your coverage period extended to two years, if possible, to ensure maximum protection against any unexpected expenses. If you do not drive your car, you can take a gap policy with no deductible, which will also protect your assets.
GAP insurance offers many advantages. In the case of an accident where the other car has been totaled, the difference in the value of the assets may be less than the original amount owed to the other party. This means the insurance company is not liable for paying you any money, even if you are injured.
If the other car owner has filed a claim, Gap does not have to compensate for that claim. If you have a gap policy, the insurance company will also not pay you, because you have the legal right to sue the other party for compensation.
GAP policies can be taken with almost every kind of vehicle. If you purchase a car with a higher value on it, such as a new model or luxury car, you can add a gap insurance policy to your vehicle. It is possible to cover up to four different vehicles with a gap policy at one time, so if you have a lot of cars, you can make sure that your assets are covered and that you are protected.
Gap has become very popular in Europe, especially in France, which has the largest gap insurance market in Europe. A gap policy is ideal for people who want to protect their investments, as well as for those who wish to enjoy financial freedom without having to take out a life insurance policy. Gap provides all the benefits that a life insurance policy provides, minus the financial responsibility.
Gap is a popular product because it provides coverage for unforeseen expenses, while leaving the person carrying it free to carry out his or her normal routine. For example, if you were to have an unexpected illness, gap insurance is useful because it provides cover for medical bills, hospitalization costs, rehabilitation and lost wages. The insurer does not have to bear any risk for paying out for these expenses if you are unable to work for a time.
Gap is also helpful if you are self-employed and wish to protect your assets, but do not wish to invest in a regular life insurance policy. Gap works for you just like any other life insurance, but gives you the flexibility to use the amount you already have as well as the money . . . . . . you make from your business. to protect your assets and money.
Gap insurance is perfect for people who travel and live a mobile lifestyle, because there is always something to protect when they are away from home. There are many providers of gap coverage, and it is possible to find a good policy without investing too much time in comparison shopping. The best way to find a good policy is to read online reviews about the best companies in your area or to contact insurance brokers who specialize in gap policies.