MLchartDataset catalogue

Guaranteed auto protection GAP

Term · Insurance and risk management · MLC-T-INS-001685

An optional auto insurance coverage that pays the difference between the actual cash value of a vehicle and the remaining balance on a car loan or lease if the vehicle is declared a total loss. This protection prevents the owner from owing money on a car they no longer possess. It is particularly relevant for new vehicles that depreciate quickly.

Table 1. Record
IdentifierMLC-T-INS-001685
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001685",
  "term": "Guaranteed auto protection GAP",
  "field": "Insurance and risk management",
  "definition": "An optional auto insurance coverage that pays the difference between the actual cash value of a vehicle and the remaining balance on a car loan or lease if the vehicle is declared a total loss. This protection prevents the owner from owing money on a car they no longer possess. It is particularly relevant for new vehicles that depreciate quickly.",
  "url": "https://mlchart.com/terminology/insurance/guaranteed-auto-protection-gap/"
}

Record 1,606 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.