Chevy Gap Insurance: Contact And Claims

If you're looking to contact Chevrolet about their GAP insurance, you can reach out to the Finance & Insurance manager at your local dealership. Chevrolet GAP Coverage can provide added financial protection in the event of a total loss by waiving some or all of the difference between what you owe and what your primary insurer pays, including your deductible. This coverage is available for up to 8 years and can be cancelled at any time. It's important to note that GAP insurance is also available from other insurance companies, and it may be less expensive to purchase it through them instead of a car dealer.

How to get a refund on a Chevrolet GAP coverage plan

Chevrolet GAP Coverage can provide added financial protection in the event of a total loss by waiving some or all of the difference between what you owe on your finance agreement and the amount your primary insurer pays, including your deductible. It is the only GAP Protection endorsed by Chevrolet and General Motors and is offered in terms up to 8 years.

You can get a refund on your Chevrolet GAP coverage plan if you cancel the policy early and have paid in advance for coverage. You will not get a refund if you have filed a claim against the policy. The refund will be a prorated amount based on what you paid in advance and how much time is left on the policy.

To get a refund on your Chevrolet GAP coverage plan, follow these steps:

Contact your agent or insurance company:

Let them know that you want to cancel your policy. You can reach out to the Finance & Insurance manager at your local dealership.

Fill out the necessary paperwork:

Your agent will provide you with the necessary forms to fill out and let you know what other information is required. This may include an odometer disclosure statement verifying the car's current mileage, which you can obtain from your state's DMV website.

Submit the completed paperwork:

Provide the completed forms and any other required documentation to your agent or insurance company.

Receive your refund:

Once you have submitted all the necessary paperwork and documentation, you should receive your refund. You may be able to choose between receiving a physical check or a direct deposit to your bank account.

It's important to note that you cannot get a refund on your Chevrolet GAP coverage plan if your vehicle is totaled or stolen and you file a claim. Additionally, make sure to review the terms and conditions of your policy, as there may be cancellation fees or other requirements specific to your plan.

How to get GAP coverage for a pre-owned Chevy

Chevrolet GAP Coverage can provide added financial protection in the event of a total loss by waiving some or all of the difference between what you owe on your finance agreement and the amount your primary insurer pays, including your deductible. This coverage is available for any finance amount on new or pre-owned vehicles but only at the time of vehicle purchase.

To get GAP coverage for a pre-owned Chevy, you can either purchase it from your auto lender as part of your loan payments or buy it from a gap insurance firm or your existing car insurance provider. Major insurance companies that offer gap policies in many states include Travelers Insurance, Safeco, Nationwide Insurance, Liberty Mutual, Auto-Owners Insurance, and American Family. USAA also provides this type of coverage for military members and their families.

When deciding whether to get GAP coverage, consider the following:

• Finance a car for longer than 60 months.
• Buy a car that's less than three years old.
• Take out a loan for more than the value of the car after license, tax fees, extended warranties, and negative trade-in equity.
• Finance a car without a 20% down payment.
• Purchase a car that will depreciate in value quickly.

GAP coverage is useful, but it's not needed for the duration of your loan. Once you're around halfway through the loan, you should cancel the GAP insurance. If you paid extra against the principle, you should cancel even earlier.

How to get Chevrolet GAP coverage for an electric vehicle

Electric vehicles are becoming increasingly popular, and with good reason. They are better for the environment, have lower running costs, and provide a better overall driving experience. If you are considering an electric car, you may be wondering about insurance options. This is where Guaranteed Asset Protection (GAP) insurance comes in.

Chevrolet GAP Coverage can provide added financial protection in the event of a total loss by waiving some or all of the difference between what you owe on your finance agreement and the amount your primary insurer pays, including your deductible. This is the only GAP protection endorsed by Chevrolet and General Motors. It is offered in terms of up to 8 years and is available for any finance amount on new or pre-owned vehicles, but only at the time of vehicle purchase.

If you are interested in purchasing a Chevrolet electric vehicle, you can get started by contacting the Finance & Insurance manager at your local dealership. You can also contact the Claims Team at 1-833-955-0047 (Monday to Friday, 7 a.m. to 10 p.m., and Saturday, 8 a.m. to 7 p.m. ET).

In addition to Chevrolet's GAP coverage, there are also third-party companies that offer GAP insurance for electric vehicles. For example, gapinsure.com offers a 5-star Defaqto-rated product that covers the difference between the amount your insurer pays out and the price you paid for your electric car if it is written off or stolen.

How to get Chevrolet GAP coverage for a new vehicle

If you're looking to get Chevrolet GAP coverage for a new vehicle, there are a few things you need to know. GAP insurance, or Guaranteed Asset Protection insurance, is an optional coverage that can protect you financially in the event of a total loss of your vehicle. Here are the steps and considerations to keep in mind when getting Chevrolet GAP coverage for a new vehicle:

Understanding GAP Insurance

GAP insurance is designed to cover the difference between what your vehicle is worth and what you still owe on your car loan if it is stolen or totaled. This type of insurance is particularly important for new vehicles, as their value can drop significantly as soon as you drive them off the lot. In the event of a total loss, a full-coverage car insurance policy will only cover the vehicle's current market value, leaving you responsible for paying off the remaining loan amount.

Eligibility for GAP Insurance

To be eligible for GAP insurance, you must have a car loan or lease. Additionally, some insurers may require that your car is no more than two to three years old and that you are the original owner of the vehicle. It's important to note that GAP insurance is typically only available at the time of vehicle purchase.

Benefits of Chevrolet GAP Coverage

Chevrolet GAP Coverage is the only GAP protection endorsed by Chevrolet and General Motors. It is offered in terms up to 8 years and has no maximum dollar amount on covered losses. It also includes a waiver for your primary insurance deductible of up to $1,000 and covers rideshare services. Additionally, it can be canceled at any time.

Purchasing Chevrolet GAP Coverage

You can purchase Chevrolet GAP Coverage by asking your dealer about it at the time of vehicle purchase. It is important to note that GAP coverage is only available at the time of purchase and cannot be added later.

Alternative Options

While Chevrolet GAP Coverage is a popular option, you may also consider purchasing GAP insurance from your auto insurance provider. This option may be more cost-effective, as dealers typically charge higher prices for GAP coverage. Additionally, by purchasing GAP insurance from your auto insurer, you can avoid paying interest on the cost of the coverage. However, not all auto insurance companies provide GAP coverage, so you may need to switch to a different insurer if your current one does not offer it.

In conclusion, Chevrolet GAP Coverage can provide valuable financial protection in the event of a total loss of your new vehicle. By understanding the benefits, eligibility requirements, and purchasing options, you can make an informed decision about whether Chevrolet GAP Coverage is right for you.

Why you shouldn't buy gap insurance from a car dealer

Gap insurance is an optional auto insurance coverage that helps pay your car loan if your car is lost or stolen and you owe more than the vehicle is worth. It covers the gap between what you owe on a vehicle loan or lease and the vehicle's value as determined by the insurance company in the event of a total loss.

While it is possible to buy gap insurance from a car dealership, there are several reasons why you shouldn't:

It is more expensive

Gap insurance from a car dealership typically costs much more than gap coverage from an insurance company, bank, or credit union. Figures are hard to nail down, but dealers routinely charge quadruple what a regular insurance company will charge for the insurance. Dealers may charge between $400 and $700, plus interest, while gap insurance from your car insurance company will likely cost $20-$40 per year, or about 5% to 6% of your collision and comprehensive premium.

The cost is added to your loan balance

When you buy gap insurance from a car dealer, the cost is usually added to your loan balance, meaning that you have to pay interest on it.

You may not need it for long

You only need gap insurance until the remainder of your loan drops below the value of the vehicle, which is typically in the first couple of years of the loan. Since you don't need it for long, it doesn't make sense to pay a high price for it.

You may not get a good deal

Car dealers are not insurance experts, and the gap products they offer may not be insurance. They may not offer you the best deal or the level of coverage you need.

You can get a better deal elsewhere

Gap coverage, if you want it, is substantially less expensive when you buy it from your regular insurance company. Call your agent and ask how much the gap coverage will be on your new car, then ask the salesperson at the dealer for a quote on the dealer’s offering. You will likely find that the insurance company offers a much better deal.

Frequently asked questions