Gap Insurance

Insurance coverage that pays the difference between what you owe on your auto loan and your totaled car’s actual cash value.

Insurance coverage that pays to the lender the difference between what you owe on your auto loan and your car's actual cash value in the event of a theft or total loss.

Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan, Some gap policies may also cover the amount of the deductible.

Insurance coverage that typically pays the difference between what you owe on your auto loan and your totaled car's actual cash value. There may be exclusions for certain costs or expenses not related to the value of the automobile.