What are the tax implications for employers offering gap cover?

What Is Gap Insurance? Gap insurance is an optional car insurance coverage add-on. It can help pay off your car loan if your vehicle is totaled or stolen and ... GAP Coverage protects you from paying on a vehicle that is a total loss. In that event, this Plan can help cover the amount you owe on the vehicle that your ... Jul 27, 2023 ... If you put normal wear and tear on a car, don't have an ultra long loan term, or buy a car that depreciates very quickly, most likely you don't ... Gap insurance is an optional insurance, and has the specific purpose of covering the gap between the cash value insurance pays out and the amount that is still ... What is GAP and how does it work? · Is GAP a requirement? · What types of losses will GAP cover? · When does an auto insurance company declare a vehicle a total ... GAP insurance helps you to pay off your vehicle in the event that it is totaled out, covering whatever your collision and comprehensive insurance policies don' ... In short: no. But it is highly recommended that you opt for gap insurance when purchasing a new car and going through the various insurance plans and financing ... Gap insurance covers the difference between what a vehicle is worth, and what is owed on it. How gap insurance works. When you buy or lease a new car or truck, ... If you car is totaled or stolen, your insurance settlement might not cover what you still owe on your auto loan. GAP gives you that extra protection. GAP insurance is an optional insurance policy that will cover the difference or “GAP” between your vehicle's current market value and the balance remaining on ...