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GAP Insurance is also known as ''GAPS'' and was established in North American financial industry. GAP Insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.).〔(【引用サイトリンク】url=http://www.investopedia.com/terms/g/gapinsurance.asp )〕 GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it. GAP insurance covers the amount on a loan that is the difference between the asset value and the amount covered by another insurance policy.〔 Some GAP policies also cover the deductible. This coverage is marketed for low down payment loans, high interest rate loans and loans with 60 month or longer terms. GAP insurance is typically offered by a finance company at time of purchase. Most auto insurance companies offer this coverage to consumers. GAP insurance is usually paid upfront and, for that reason, one is eligible for a refund if he/she sells or refinances their vehicle. There are two ways of getting GAP coverage. The first type is an insurance policy sold by a broker. The second type is a waiver agreement sold by a Finance & Insurance Manager. The first is regulated by the insurance industry, the second is unregulated. In either case coverage is usually the same and sold as a soft product through the car dealership. Coverage is usually financed along with the lease/loan. Claims are subject to a total loss. The total loss is usually determined by the primary insurance company’s third-party appraiser. Exclusions to GAP insurance vary by country or state. Some exclusions include a maximum loss limit of $50,000 while others require a loan term of less than 84 months.〔(【引用サイトリンク】 url=http://autoinsurance.greatinsuranceworld.net/aipolicies/gap_auto_insurance.php )〕 GAP is an optional purchase; however, many states in the US require that a car dealership offer GAP at the point of purchase. Other states require insurers to offer GAP if a client requests it.〔(【引用サイトリンク】url=http://apps.leg.wa.gov/rcw/default.aspx?cite=48.22.060 )〕 States such as Louisiana require that the purchaser sign a disclosure document as proof.〔(【引用サイトリンク】 url=http://www.lmvc.la.gov/News/GAP%20Coverage%20Form.pdf )〕 Although GAP is optional, some finance companies require GAP as a condition to obtaining a loan.〔 The Truth in Lending Act excludes GAP premiums from financial charges if GAP was not required by the creditor, the premiums were disclosed in writing, and the consumer provides a written request for the insurance. An example of how Finance GAP works in the UK would be that an individual paid £18,500 for their car and their car is unfortunately involved in an accident. The individual's motor insurance provider declares it a total loss. Using current market conditions, the motor insurance provider values the car at the time of the accident as £12,000. However, the individual still owes the Finance Company £15,000. The Finance GAP insurance〔(【引用サイトリンク】website=http://www.vehiclesavers.com/files/Vehicle-Savers-GAP.pdf )〕 may pay-out the £3,000 difference. UK Gap Insurance Update In September 2015, the FCA changed the way that Gap Insurance premiums are sold by car dealers in the UK. Claims ratios for GAP insurance (the amount paid out in comparison to premiums paid) were just 10% between 2008 and 2012, meaning that just £10.00 was paid out for every £100.00 paid in premiums. The poor value for money being given to consumers prompted the FCA to require the following: # Ensure dealers make consumers aware that other suppliers exist. # Delay the transaction by 2 business days .〔https://www.ala.co.uk/blog/buying-a-new-car-how-the-fca-changes-could-affect-you/〕 ==See also== * Insurance law * Insurance in the United States * GAP waiver 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「GAP Insurance」の詳細全文を読む スポンサード リンク
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