Guaranteed asset protection definition
Guaranteed asset protection means a policy that covers the difference between the
Guaranteed asset protection. (GAP) insurance means insurance in which a person agrees to indemnify a vehicle purchaser or lessee for some or all of the amount owed on the vehicle at the time of an unrecovered theft or total loss, after
Guaranteed asset protection. (GAP) insurance means insurance in which a person agrees to indemnify a vehicle purchaser or lessee for some or all of the amount owed on the vehicle at the time of an unrecovered theft or total loss, after credit for money received from the purchaser’s or lessee’s physical damage insurer, pursuant to the terms of a loan, lease agreement, or conditional sales contract used to purchase or lease the vehicle.” (Ins. Code., § 1758.992, subd. (h)(1).) Under California law, lease agreements must include a notice that “‘[o]ptional coverage for the GAP amount may be offered for an additional price.’” (Civ. Code, § 2985.8, subd. (j).)