GAP Insurance/Protection, Glossary and Terms, Automotive, Motorcycle, Boat Dealers
List of United States Automotive, Motorcycle, Boat, Dealers, Service Stations
Stands for Guaranteed Auto Protection insurance. Extra insurance for lease customers to cover the difference in the actual value of the vehicle and whatever is owed on the lease. Important if the car is stolen or totaled early in the lease term. It also covers the difference in value between what may be paid by an insurance carrier and what is still owed to the leasing company, including future lease payments.