Coverage classification
- Form type
- Endorsements
- Product lines
- Personal AutoCommercial Auto
Compare Auto loan/lease gap coverage forms
| Form | Intent | When it applies | Payment conditions |
|---|---|---|---|
Ascot Insurance CompanyAuto Loan/Lease Gap Coverage ACA 01 45 06 26 Commercial Auto | Pays the unpaid loan or lease amount for a covered total-loss auto, less specified amounts. | Requires a scheduled or declared auto and specific premium for gap coverage. | Subtracts the physical damage payment and specified charges, including overdue payments and certain lease penalties. |
Integon General Insurance CorporationLoan/Lease Gap Coverage 11216 (01012020) Personal Auto | Pays a specified difference between the auto’s actual cash value and the greater principal owed on the loan or lease. | The auto must be a total loss; collision and comprehensive coverage must both be purchased, with the loss covered under one. | Payment is subject to specified deductions and the lesser of 125% of actual cash value or 125% of the stated value. |
Notable clauses
“In the event of a total "loss" to a covered "auto"”
Ascot Insurance Company · Auto Loan/Lease Gap Coverage · ACA 01 45 06 26
Total loss. The vehicle must also be listed in the schedule or declarations with the specified premium for this coverage.
“you have purchased both Collision Coverage and Comprehensive Coverage”
Integon General Insurance Corporation · Loan/Lease Gap Coverage · 11216 (01012020)
Underlying physical damage. The loss must also be covered under one of those coverages.
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