US EditionGAP motor insurance payouts triple in just three years
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GAP motor insurance payouts triple in just three years
Payouts for GAP (Guaranteed Asset Protection) car insurance, which covers the financial gap between a vehicle’s market value and the amount still owing on a loan or lease, have almost tripled between 2021 and 2024. In 2021, the average GAP payout was £1,587. By 2024, it had rocketed to £5,558 – a sum owners might otherwise have to pay themselves if they weren’t insured. The reasons for increasing GAP insurance payouts can be traced back to the p…
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