Gap insurance, also known as Guaranteed Asset Protection, is an optional coverage you can add to your auto insurance policy when purchasing a new vehicle. It covers the difference between the actual cash value of your car and the amount you still owe on your auto loan if your car is totaled or stolen. Without gap insurance, you may end up owing more on your loan than your insurance payout. In Florida, gap insurance is not required by law, but it may be required by leasing companies. The cost of gap insurance varies depending on factors such as the value
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