Collision protects you and your car if you are in an accident, liability protects whomever you may hit.
No. If a car is determined to be a total loss as a result of a collision, GAP insurance pays the difference between what the collision coverage pays as the actual cash value of the car and the outstanding loan balance.
So called gap insurance covers only the difference between the value of your vehicle and what you owe to the bank. It offers no other protections such as personal injury & liability, or collision.
If you don't opt for this cover, then when a calamity does strike, you will end up paying from your pocket. for More
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Gap insurance is intended to indemnify you for the difference between the amount that you owe on a vehicle at the time of a collision, and the actual cash value that you would collect if the car were rendered a total loss from that collision. Without it, you would be personally liable to the lender or leasing company for that amount.
difference of motor and marine insurance
What is the difference between voluntary life insurance and life, ad/d?
Collision covers damage from collisions only, whether it is a fender-bender in the parking lot, running into the garage, or a traffic accident. Comprehensive covers damage "other than by collision", that would be hail, flood, vandalism, windshield pits, etc.
collision is when two plates collide conservative is when two plates rub together
Difference between h03 and h05 home owners insurance?
Friction