Please explain GPP Insurance on automobiles?
On my car finance paperwork from the pusher it says that I have GPP Insurance... I hold no idea what that is, can someone please explain it to me? When we be doing my paperwork the finance guy said that we have GAP Insurance but after really looking at my paperwork it's clearly stained GPP Ins. Please explain the difference!! P.S. I'am upside down with my car>>
Answers:
In addition to what Faye said, GAP coverage does NOT cover any new amounts you might have financed - like unenthusiastic equity from a prior vehicle that you traded in. It only covers the difference between the actual dosh value of your car, and the FINANCED AMOUNT OF THAT CAR. So now, when people trade in cars when they are still upside down on them, you hold an additional amount NOT covered by the gap coverage.
Also, it's probably too slow - but you can ALSO get gap coverage from your auto insurance shipper, and it's likely CHEAPER than the stuff the dealer is offering. Source(s): agent, 21+ years
I have a sneaking suspicion that GPP must be a typo. I've never heard of it anyway.
GAP insurance on a vehicle is the difference between what it is worth and what you owe on it when you're upside down like you are. However, you would own had to have totaled your sports car and had your collision insurance offer you smaller quantity than the loan for it to come into play.
If you just owe more than the car is worth and you're trying to deal in it now, the GAP coverage isn't going to help.
Read the jargon of the policy. You should have received something that stated exactly what was covered. If the salesperson sold you the policy, call them and tell them you stipulation to know who the coverage is with and get a copy of the paperwork showing what is covered.
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Answers:
In addition to what Faye said, GAP coverage does NOT cover any new amounts you might have financed - like unenthusiastic equity from a prior vehicle that you traded in. It only covers the difference between the actual dosh value of your car, and the FINANCED AMOUNT OF THAT CAR. So now, when people trade in cars when they are still upside down on them, you hold an additional amount NOT covered by the gap coverage.
Also, it's probably too slow - but you can ALSO get gap coverage from your auto insurance shipper, and it's likely CHEAPER than the stuff the dealer is offering. Source(s): agent, 21+ years
I have a sneaking suspicion that GPP must be a typo. I've never heard of it anyway.
GAP insurance on a vehicle is the difference between what it is worth and what you owe on it when you're upside down like you are. However, you would own had to have totaled your sports car and had your collision insurance offer you smaller quantity than the loan for it to come into play.
If you just owe more than the car is worth and you're trying to deal in it now, the GAP coverage isn't going to help.
Read the jargon of the policy. You should have received something that stated exactly what was covered. If the salesperson sold you the policy, call them and tell them you stipulation to know who the coverage is with and get a copy of the paperwork showing what is covered.
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