While there are situations in which the terms GAP and GAP Waiver are delineated differently, typically the 2 terms are used to mean the same thing or at least accomplish the same outcome. That is to give a motorist gap protection for their motor vehicle.
Gap protection is basically designed to eliminate the vehicle owner's unpaid loan or lease balance if their vehicle is stolen or found to be a total loss. It thus relieves the insured of their responsibility to pay the loan deficiency balance that was not covered by their primary insurance policy or any applicable third party insurance policy by GAP protection paying that difference for them.
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Many times a GAP waiver is included on another contract. That built-in gap protection on the contract is then referred to as a "gap waiver." GAP Insurance is typically purchased separately as secondary coverage on a motor vehicle in which money, in the form of lease or loan normally, is still due.
[Let CarInsurance.com help you find affordable auto insurance now.] Both gap insurance/gap coverage and gap waivers give you gap protection to cover the gap amount which is payable upon the total loss of personal property, which is the subject of a lease or loan or other credit transaction occasioned its theft or physical damage.
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