Definition: The gap insurance policy often refers to a type of insurance that provides protection against the breakdown or damage of a vehicle when there is no public insurance coverage available, such as in certain countries. The policy typically covers the loss or damage to the vehicle after an accident or emergency situation. Definition: A gap insurance policy can be defined as an insurance policy that provides financial assistance to car owners who have experienced unforeseen incidents, like a breakdown or a collision with another vehicle, where there is no public coverage available. This type of insurance often includes provisions for repairing the vehicle and replacing it if necessary. An example of a gap insurance policy might cover a driver's car that was damaged in an accident, but they are unable to afford the costs involved. The policy could be written with specific terms such as repair costs, replacement costs, or the cost of resurfacing the damage. This type of coverage is often available for low-income drivers or those who have had difficult financial times. In addition, there are also policies that provide financial assistance in case of medical expenses related to injuries sustained during a collision, such as the policy mentioned above.
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