What does GPP mean in car insurance?
GPP when referring to an automobile generally means Guaranteed Protection Plan. GPP is usually referred to as protection supplied by car alarm firms and it’ll give you back your Comprehensive insurance deductible up to named limit in case your vehicle gets stolen while the security alarm is set up and equipped in your car.
Thus GPP will pay your vehicle insurance deductible in case your vehicle is stolen. Generally the security alarm firm is stating their product ought to perform and avoid a burglar from taking your automobile but when it doesn’t they’ll pay your Comprehensive deductible.
It may be nevertheless that somebody is actually referencing Gap insurance coverage that is a lot more well-known. There are several that may mention GPP when talking about Guaranteed Auto Protection Plans though the majority of people call it GAP insurance.
GAP insurance covers the difference between what your main car insurance firm are going to pay in case your automobile is totaled or stolen and never retrieved and the amount you owe to the financial institution, sales finance firm, or lessor. Your car should be an overall total loss or stolen and never retrieved for the GAP plan to pay for the “GAP” between your balance due on the car and what your car insurance covers the loss.