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Please explain GPP Insurance on automobiles?


On my car finance paperwork from the dealer it says that I have GPP Insurance... I have no idea what that is, can someone please explain it to me??? When we were doing my paperwork the finance guy said that we have GAP Insurance but after really looking at my paperwork it's clearly marked GPP Ins. Please explain the difference!! P.S. I'am upside down with my car>>

In addition to what Faye said, GAP coverage does NOT cover any additional amounts you might have financed - like negative equity from a prior vehicle that you traded in. It only covers the difference between the actual cash value of your car, and the FINANCED AMOUNT OF THAT CAR. So nowadays, when people trade in cars when they are still upside down on them, you have an additional amount NOT covered by the gap coverage.

Also, it's probably too late - but you can ALSO get gap coverage from your auto insurance carrier, and it's likely CHEAPER than the stuff the dealer is offering. Source(s): agent, 21+ years
I think GPP must be a typo. I've never heard of it anyway.

GAP insurance on a vehicle is the difference between what it is worth and what you owe on it when you're upside down like you are. However, you would have had to have totaled your car and had your collision insurance offer you less than the loan for it to come into play.

If you just owe more than the car is worth and you're trying to sell it now, the GAP coverage isn't going to help.

Read the terms of the policy. You should have received something that stated exactly what was covered. If the dealer sold you the policy, call them and tell them you need to know who the coverage is with and get a copy of the paperwork showing what is covered.
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