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What Is Gap Protection Insurance. Over 400 natural catastrophe events in 2019 generated economic losses of $232 billion, yet only $71 billion was insured. Guaranteed asset protection (gap) insurance (also known as gaps) was established in the north american financial industry.
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What is the protection gap? In singapore, the mortality and critical illness protection gap stands at a combined total of $893 billion. Brand new cars lose their value very quickly.
This kind of cover pays you the difference between what your car insurer will pay out in the event of your car being written off or stolen and either the original amount you paid for it or the amount you owe to a car finance company.
It will pay you the difference so you don’t lose money. Auto insurance coverage is a must for every driver, but many people are unsure of whether extra policies such as gap insurance are necessary. An alternative to gap insurance is called loan/lease. Broader risk protection gap which describes the difference between total losses and insured losses.