Insurance Licensing Update: California Credit Insurance - Supportive Insurance Services

Effective January 1, 2011, the California credit licensing laws will change allowing current credit insurance licensees may sell GAP insurance.

Under California law, GAP Insurance is insurance that a person agrees to indemnify a vehicle purchaser or lease for the difference between the cash value of the insured’s vehicle at the time of an unrecovered theft or total loss and the amount owed on the vehicle based on the terms of the loan, lease agreement or installment sales contract used to purchase or lease the vehicle.

Further information can be found at http://www.insurance.ca.gov/0200-industry/0050-renew-license/0200-requirements/credit-insurance/questions-answers.cfm or by calling (800) 967-9331.

The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.

This information is brought to you by Supportive Insurance Services… Licensing Experts Saving You Time and Money!

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