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Do you get Gap back if you dont use it?
You'll only receive a refund for the GAP insurance that you haven't used. For example, if you cancel your policy after three months of coverage, you'll only get a refund for the remaining nine months (if you paid for a year of coverage). The amount of your refund is based on how you pay your insurance bill.
Is Gap the same as full coverage?
Gap insurance is needed even if you have full coverage because full coverage does not cover the difference between what you owe on a loan/lease and the car's actual cash value, like gap insurance does.
Is Gap the same as insurance?
If the car is totaled in an accident or stolen, standard car insurance will only pay you the current value, so you'll lose money paying back the original loan or lease. Gap insurance covers this “gap” between the depreciated value of the car and the amount owed on the loan.
What is considered to be full coverage?
Many lenders, agents, and car dealerships describe "full coverage" auto insurance as liability plus comprehensive and collision. Your lender may use the term "full coverage," but that simply means they're requiring you to carry comprehensive and collision, plus anything your state mandates.