What is the definition of Gap insurance? | Dictionary.net

GAP INSURANCE

\ɡˈap ɪnʃˈʊ͡əɹəns], \ɡˈap ɪnʃˈʊ‍əɹəns], \ɡ_ˈa_p ɪ_n_ʃ_ˈʊə_ɹ_ə_n_s]\

Definitions of GAP INSURANCE

1910 - Black's Law Dictionary (2nd edition)

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Also called Loan/Lease Payoff Coverage, Gap Insurance covers the difference between how much an insurer will pay on a lost, stolen, or totalled vehicle, and how much the insured person still owes on the vehicle.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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