Contacting Gap Insurance: Quick And Easy

There are several ways to contact a gap insurance provider. Many companies allow customers to file a claim in person, over the phone, or online. It's important to note that gap insurance is typically offered as an add-on to an existing car insurance policy, so you'll need to contact your car insurance provider to purchase or enquire about gap insurance. When filing a claim, you may need to provide documentation, including an insurance settlement statement, settlement check, loan or lease contract, loan history, police report, and sales agreement. The claims process can take several weeks, depending on the circumstances of the accident or theft.

Contact details for GAP insurance

Some GAP insurance providers include:

• Protective Asset Protection: 1-866-493-0184. Hours: 8 AM–6 PM Central Time.
• EasyCare: [email protected], 800-521-2774. Hours: Monday–Friday, 8:30 AM–6:00 PM EST.
• Progressive: 1-866-749-7436.

If you are unsure who your GAP insurance provider is, you can contact your car insurance company for more information.

Documents needed to file a claim

To file a claim for gap insurance, you will need to submit a range of documents to support your claim. The specific documents required may vary depending on the insurance company, so it is always best to check with your provider. However, here is a list of commonly requested documents:

• Your current mailing address and daytime contact information: This is needed for correspondence and follow-up communication regarding your claim.
• GAP Deficiency Waiver Addendum: This document may be required to show the details of your GAP coverage.
• Financing contract (loan or lease agreement): The original contract detailing the financing terms of your loan or lease agreement.
• Loan/payment history: A complete history of all charges and payments, and the current outstanding balance on your loan or lease.
• Account number and payoff address: Details of the account and address associated with your loan or lease.
• Insurance settlement statement: A statement from your insurance company detailing the settlement amount, including the vehicle's value at the date of loss, applicable taxes, fees, and adjustments.
• Settlement check: A copy of the check or payment issued by the insurance company, which should match the settlement amount stated.
• Date and cause of loss: Documentation or a report detailing the date and cause of the incident that led to your claim.
• Police report: A copy of the police report is usually required if the loss was due to theft, fire, or vandalism, or if you did not have primary insurance at the time.
• Sales agreement: The original sales agreement from the dealer, showing the purchase price of the vehicle.
• Manufacturer's invoice: This document details the vehicle's MSRP and equipment and is usually required if the vehicle was purchased new. Alternatively, you can provide a copy of the Monroney Label (the window sticker).
• Insurance evaluation report: This document shows how your insurance company calculated the value of your vehicle at the date of loss, often including comparable vehicles and condition adjustments.
• Valuation report: A report from your standard insurance company, separate from any gap insurance-specific documentation, assessing the value of your vehicle.

Please note that additional information or documentation may be requested during the claims process, and it is important to provide legible copies of all requested documents.

How to file a claim

To file a claim for gap insurance, you must first determine whether you are eligible. Gap insurance covers the difference between the amount you owe on your loan or car lease and the value of your car at the time it was stolen or totaled. This type of insurance is only applicable if you owe more on your loan or lease than the car is worth.

Once you have determined that you are eligible, you can begin the claims process. Depending on your provider, you may be able to file your claim in person, over the phone, or online. You will need to provide documentation to support your claim, including:

• An insurance settlement statement, showing the vehicle's actual cash value and the reimbursement amount from your insurance company.
• A settlement check, demonstrating the settlement amount paid to the lienholder/lessor.
• The loan or lease contract, outlining the financing terms.
• A loan history, detailing all charges and payments made to your account, including the current outstanding balance.
• A police report, explaining what happened to the car and when.
• The sales agreement, showing how much you paid for the car.

It is important to note that the claims process can take several weeks, depending on the circumstances of the accident or theft. Your vehicle insurance company must first determine the actual cash value of your vehicle, and your gap insurance provider will then verify your loan or lease details before your coverage pays out.

During this process, it is your responsibility to continue making payments on your loan or lease. Failure to do so can negatively impact your credit score. Once your claim is approved, your gap insurance provider will pay your lienholder what is owed under your policy.

When GAP insurance doesn't pay out

GAP insurance is a valuable safety net for drivers who owe more on their car loan than the vehicle is worth. However, it is important to understand that GAP insurance is not a catch-all solution and there are certain scenarios in which it will not pay out. Here are some key instances when GAP insurance will not come to your aid:

Your Main Motor Insurer Does Not Pay Out:

If your primary motor insurance provider does not cover the incident or pay the market value for your vehicle, GAP insurance cannot step in to top up the settlement. For example, if you were negligent in leaving your keys unattended, engaged in drink driving, or used the vehicle for excluded purposes like courier services, your main insurer may not pay out, and consequently, neither will your GAP insurance.

Lack of 'Insurable Risk':

If the GAP policy is in your name, but you are not the owner of the vehicle or the one responsible for the finance agreement, you cannot claim for a loss as you do not stand to suffer any financial loss.

Commercial Activities:

Most GAP insurance products do not cover commercial activities, such as using your vehicle for 'hire and reward' services like taxis, private hire, couriers, or chauffeur work.

Lapsing or Cancellation of the Policy:

If you stop paying your premiums and your GAP cover lapses or is cancelled before a total loss occurs, the policy will not pay out. Additionally, if you sell your vehicle or transfer ownership, the GAP cover typically ceases automatically.

No 'GAP' to Fill:

GAP insurance is designed to bridge the financial gap between your motor insurer's settlement and the original price you paid for the vehicle. If there is no gap, i.e., if your motor insurer's settlement is sufficient or they provide a replacement vehicle, your GAP cover has no difference to make up.

Policy Expiration:

All GAP insurance policies have a defined period of cover. Once the policy expires, you cannot usually renew or obtain new cover for that vehicle as it is no longer considered new.

Inadequate Primary Insurance:

Most GAP policies require that you have comprehensive insurance for the full policy term. If you only have third-party coverage and your main insurer does not pay out for a fault claim or theft, your GAP insurance will not be applicable.

Vehicle Exclusions:

If your vehicle is not listed in guides like Glass's Guide, which is commonly used to determine vehicle values, many GAP insurance products will not provide cover. This often excludes imported or modified vehicles.

Fraud or Misrepresentation:

If there is fraud or misrepresentation involved in the claim, the GAP insurance policy will not pay out.

Claim Not Covered by the Policy:

If the incident that led to the claim is not covered by the GAP policy, there will be no payout. For example, GAP insurance does not cover repairs, damage to someone else's vehicle, or additional charges related to the loan or lease agreement.

How to cancel your GAP insurance

Cancelling your GAP insurance is a straightforward process, but there are a few things you should consider before you do so.

Firstly, it's important to be aware of any terms and conditions outlined in your policy. Some insurers will charge a cancellation fee, even if you cancel within the first few days of purchasing the policy. This fee can be as high as 50% of your premium if you cancel within 60 days, so be sure to ask your insurer about any potential charges and how much they will be.

Secondly, you should check whether cancelling your GAP insurance will leave any gaps in your coverage. If you own your car outright, this isn't something you need to worry about. However, if you're still making payments on your vehicle, cancelling your GAP insurance could leave you vulnerable in the event that your car is written off or stolen.

If you've decided that you definitely want to cancel your GAP insurance, the next step is to contact your insurer. They will be able to provide you with a form to fill out to cancel your policy and refund any remaining money. You can also cancel by submitting a written request, which should include your name, address, and vehicle identification number (VIN). If you received coverage through an insurance company (rather than a dealership), you may be able to cancel online.

If you're entitled to a refund, you'll need to contact your provider and ask for your money back. This process can take some time, so be prepared to wait for your request to be processed and any paperwork to be sent out. If you're requesting an online payment, make sure you get an email confirmation that includes details of the transaction and the total amount refunded. Keep all relevant documentation, such as policy numbers, cancellation letters, and email notifications, in a safe place.

Finally, remember that if you decide to cancel your GAP insurance, you may have to pay a cancellation fee, which will vary depending on your provider and the type of policy you have.

Frequently asked questions