Loan Gap Coverage – Business Insurance Coverage

What is Loan Gap Coverage

Commerical Auto, Coverage, Loan Gap Coverage, Terminology
June 13, 2012

When a financed vehicle is declared a total loss and your insured’s outstanding loan balance is greater than the actual cost value of the vehicle, an insurance carrier will pay the difference between the outstanding loan balance and the actual cash value of the vehicle. Who Benefits Most: An owner of the financed vehicle. Claim Scenario: Like many small business owners, Jane financed the Ford F350 truck… Read More »What is Loan Gap Coverage