Each year thousands of vehicles in the United States are declared total losses due to theft and accidents. Auto insurance covers the vehicle's actual cash value at the time of loss, resulting in the owner most likely owing the difference between the insurance settlement and the amount due to the lender or leasing company. After adding in a deductible, the total amount owed could easily add up to thousands of dollars. Consumers can protect their investment by choosing GAP coverage that helps pay the difference.
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