gap insurance definition

gap insurance means gap insurance as defined in the regulations;

gap insurance means insurance coverage, offered by an insurer authorized to transact business in this state, that pro- vides that another person is liable for the gap amount.

gap insurance. (Gap-Versicherung) shall mean an insurance entered into by a Debtor in respect of the financing of the acquisition of a Financed Vehicle by such Debtor by way of accession to a group insurance agreement (Gruppenversicherungsvertrag) between the Seller in its capacity as insurance policy holder and an insurer which covers the risk that loss is incurred if the relevant Financed Vehicle has to be completely written off (Totalschaden) due to fire, accident (irrespective of whether such accident was caused by the Debtor or a third party), flooding or theft, such loss being an amount equal to the difference between the original purchase price paid by the Debtor for such Financed Vehicle according to the relevant Loan Contract and the then current market value of such Financed Vehicle or the replacement cost of such Financed Vehicle at such time, taking also into account a certain value-based compensation. The Gap Insurance is subject to certain exclusions. For instance, no coverage is provided if the insured event has been caused by a deliberate act (vorsätzlich) of the insured person and only limited coverage is provided if the insured person has acted with gross negligence (grobe Fahrlässigkeit). The contribution owed by the Debtor for the accession to the Gap Insurance is added to the Principal Amount owed by the Debtor as part of the Loan Instalments under the Loan Contract to which the Debtor is party;

Examples of gap insurance in a sentence

• Unemployment $ Debt cancellation agreement** $ Liability Insurance $ $ per person $ property damage $ per accident *If the motor vehicle is determined to be a total loss, GAP Insurance will pay you the difference between the proceeds of my basic collision policy and the amount I owe on the motor vehicle, minus my deductible.

• Unemployment $ Debt cancellation agreement** $ Liability Insurance $ $ per person $ per accident $ property damage *If the motor vehicle is determined to be a total loss, GAP Insurance will pay you the difference between the proceeds of my basic collision policy and the amount I owe on the motor vehicle, minus my deductible.

• The cost of insurance cover for Loan Repayment Insurance, Motor Vehicle Insurance, Mechanical Breakdown Insurance, GAP Insurance and Payment Waiver may be included in the loan.

• Unemployment $ $ Liability Insurance $ $ per person $ per accident $ property damage *If the motor vehicle is determined to be a total loss, GAP Insurance will pay you the difference between the proceeds of my basic collision policy and the amount I owe on the motor vehicle, minus my deductible.

• GAP Insurance is a protection policy that in the event of a total loss claim against your vehicle gives you the difference between the insurance company’s settlement and the invoice price of the vehicle at purchase.

More Definitions of gap insurance

gap insurance means any insurance or other agreement with a consumer which provides payment to cover the difference, if any, between the insurance payout for the vehicle and the outstanding principal in the event that the vehicle is stolen or declared a total loss.

gap insurance means the policy or policies of insurance issued by Agricultural Excess and Surplus Insurance Company in the form attached hereto as EXHIBIT D or such other insurance as satisfactory in form and substance to the Banks.

gap insurance means property insurance that covers all or a portion of the difference between the recovery received on primary automobile insurance in the event of a total loss and the MSRP of a current year replacement vehicle or the difference between the recovery on a primary automobile insurance policy and an outstanding loan or lease obligation in the event of total loss.

gap insurance means those guaranteed asset protection insurance products provided by the CCPH Group or any member of the Buyer's Group which are currently being marketed 24 by GMAC UK plc through (inter alia) Restricted GM UK Dealers being 'Purchase Price Refund Gap', 'Equivalent Vehicle Purchase Refund' or any other guaranteed asset protection products branded 'ValueGuard'; "Prohibited Area" means England, Wales, Scotland and the Channel Islands; "Restricted Business" means the underwriting, claims processing, administration and/or arranging of GAP Insurance for Restricted GM UK Dealers or their customers as introduced by or through Restricted GM UK Dealers (excluding any such activities conducted by members of the CCPH Group with or as introduced to it by or through the Unrestricted GM UK Dealers); "Restricted GM UK Dealers" means all motor dealers (other than any Unrestricted GM UK Dealers) with whom General Motors UK Limited has in place, as at the Completion Date, a franchise or distribution agreement for the sale of Vauxhall, Chevrolet or any other vehicles manufactured for or supplied to such dealers by or for General Motors UK Limited (but, for the avoidance of doubt, where any such franchise or distribution agreement in place with any Restricted GM UK Dealer is terminated by a relevant General Motors group company or is surrendered by any Restricted GM UK Dealer, such Restricted GM UK Dealer shall no longer be treated as being a Restricted GM UK Dealer for the purposes of this Clause 4.6); "Restricted Period" means the period of one year after the Completion Date; and "Unrestricted GM UK Dealers" means XXX000, Xxxxxxx Xxxxxx and Xxxxxxxx.

gap insurance means Guaranteed Asset Protection; an insurance product offered to hire purchase customer that provides cover for financial shortfall between the amount received from Comprehensive Motor Insurance Policy and the Original Vehicle Invoice Price in the event of total loss or theft.

gap insurance means insurance covering the gap amount which is payable upon the total loss of personal property, which is the subject of a lease or loan or other credit transaction occasioned by its theft or physical damage. The kinds of gap insurance are:

gap insurance means a policy of insurance that insures the difference between what a consumer owes on a car loan and any amount they may receive under a policy of comprehensive insurance if the car is a total loss.