Filing a GAP Insurance Claim: What You Need to Know
What You Need to Know
If you have GAP insurance, it's important to know what to expect in the event that you need to file a claim. In this post, we'll outline the process for filing a GAP insurance claim and what you can expect.
First, it's important to understand that GAP insurance only applies in certain situations. GAP insurance is designed to cover the "gap" between the actual cash value of your vehicle and the amount you still owe on your car loan or lease. This means that in order to file a GAP insurance claim, your car must be considered a total loss, either from theft or an accident, and the payout from your traditional car insurance must be less than what you owe on your car loan or lease.
Typical Claims Process
If your car is considered a total loss and you meet the requirements for a GAP insurance claim, the process for filing a claim is as follows:
File a claim with your traditional car insurance provider: You will need to file a claim with your traditional car insurance provider as soon as possible after the event that caused your car to be considered a total loss. Be sure to have your policy number, vehicle registration, and details of the incident on hand.
Gather documentation: Once your traditional car insurance claim is settled, you'll need to gather documentation to support your GAP insurance claim. This will include proof of the actual cash value of your car, proof of the amount you still owe on your car loan or lease, and any other relevant documentation.
Contact your GAP insurance provider: You'll need to contact your GAP insurance provider to file your claim. Be sure to have all of the documentation you've gathered on hand.
Wait for the claims process: Your GAP insurance provider will review your claim and the documentation you've provided. The claims process can take several weeks, so be prepared to be patient.
Receive payment: If your claim is approved, you will receive payment from your GAP insurance provider to cover the difference between the actual cash value of your car and the amount you still owe on your car loan or lease.
It's worth noting that the process for filing a GAP insurance claim may vary depending on your insurance provider, so be sure to check with them for specific details. Additionally, you will be required to pay a deductible for the gap insurance claim.