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How Does Gap Insurance Work?

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Part of the video series: Insurance Information

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Summary: Gap insurance works by covering any voids left by other insurance policies, such as with Medicare supplement policies. Reduce feelings of uncertainty with gap insurance coverage using information from an insurance agent in this free video on insurance.

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Presenter

By Vic Schumacher
eHow Presenter

Vic Schumacher is part of HPE Financial Services, a brokerage insurance company representing all major carriers. He works with businesses, families and individuals, helping them to...read more

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Video Transcript

"Hello, my name is Vic Schumacher. I'm with HPE Financial Services. I'm an insurance broker representing a variety of insurance companies. The question was asked how does gap insurance work. Very generically gap insurance fills the void. Gap insurance would be like a bridge that covers a certain void in whatever policies you might have. Usually gap insurance is covered along with medical care you might have. Medicare has different disadvantages to it and certain advantages. Gap insurance would come along as a supplement, as a Medicare supplement. Many years ago the Government came up with a variety of plans all the same basic plans that are labeled A through J. Different insurance companies will market these plans with these policies. The benefits are all the same but the premiums they charge are different because the insurance companies are trying to make a profit. In other words you can buy aspirin at any place you want to. What is the brand name of the aspirin and where you buy it would depend upon the premium itself. Gap insurance is something that is required if you have a feeling of uncertainty. My name is Vic Schumacher. The company is HPE Financial Services. Helping people everyday."

eHow Article: How Does Gap Insurance Work?