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Gap insurance is particularly beneficial for people who have a new vehicle, have a high loan amount compared to the vehicle’s value, or have a loan with a longer term. It is also recommended for people who have a high down payment or trade-in and those who are more likely to experience a total loss, such as people who drive in areas with a higher risk of accidents.

Yes, gap insurance can be added to an existing auto insurance policy. Most insurance companies offer gap insurance as an optional coverage that can be added to a regular auto insurance policy.

The time frame for gap insurance coverage varies by policy, but it typically lasts until the vehicle’s loan or lease is paid off. Some policies may have a coverage limit, such as a maximum of 24 to 36 months.

Yes, gap insurance covers negative equity, which is when a vehicle is worth less than what is owed on the loan or lease.

Gap insurance typically covers total losses or theft of the vehicle, but not partial losses such as collisions or weather damage. Check with your insurance provider for specific details on the type of losses covered by your gap insurance policy.

Some gap insurance policies may have a deductible, but it varies by insurance provider and policy. Check with your insurance provider for the specific details of your gap insurance policy.