With gap insurance, Texas vehicle owners can receive help with coverage for the remaining balance on their vehicle's loan or lease after a total vehicle loss occurs. Gap insurance is known as a debt cancellation agreement or gap waiver. After purchasing or leasing a new car, the vehicle's value steadily declines. Over the first few years, the value of the vehicle depreciates disproportionately. As a result, you typically owe more on your lease or loan than what your vehicle is worth.
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