G - GAP Insurance
05 June 2006
GAP Insurance- Guaranteed Asset Protection Insurance. If a car you are buying on finance is written off in an accident, your insurance may cover the cost of the car itself, but not the interest and charges you would have paid the lender over the term of the loan. GAP insurance covers this shortfall. It will add a little to your monthly outgoings but could be worth it in the long run.
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