fag 1. n. Chiefly British. 1. a. A student at a boarding school who is required to perform menial tasks for a student in a higher grade. b.A drudge. 2. Fatiguing or tedious work; drudgery.v. fagged, fagÂ·ging, fags. v. tr.. Chiefly Brit. drudgery; toil. 3. Brit. a younger pupil in a British public school required to perform certain menial tasks for an older pupil. 4. a drudge. 5. to tire or weary by labor (often fol. by out). 6. Brit. to require to do the menial chores of a fag.
GAP Insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.). GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it.
Gap insurance covers the difference between the amount you owe on your car loan and the amount your auto insurance company will pay out if you total the car. Car dealers and lenders often offer gap insurance for $500 to $700, and youâll pay interest on that amount if itâs rolled into the loan. Gap insurance sounds like a good idea because your car loses value as soon as you drive it off the dealerâs lot. So if you make a low down payment (less than 20%) and wreck your car soon after buying it, you could owe more on the loan than the car is worth. And if you have a long-term loan -- 48 months or longer -- it could be quite a while before your loan balance is less than the carâs value.